Collective decision making by rational individuals
- Date: Friday 22 March 2019, 14:00 – 15:00
- Location: Mathematics Level 8, MALL 1, School of Mathematics
- Type: Seminars, Statistics
- Cost: free
Richard Mann, University of Leeds (part of the Statistics Seminar Series)
The patterns and mechanisms of collective decision making in humans and animals have attracted both empirical and theoretical attention. Of particular interest has been the variety of social feedback rules and the extent to which these behavioral rules can be explained and predicted from theories of rational estimation and decision making. However, models that aim to model the full range of social information use have incorporated ad hoc departures from rational decision-making theory to explain the apparent stochasticity and variability of behaviour. I will describe a model of social information use and collective decision making by fully rational agents that reveals how a wide range of apparently stochastic social decision rules emerge from fundamental information asymmetries both between individuals and between the decision makers and the observer of those decisions. As well as showing that rational decision making is consistent with empirical observations of collective behaviour,
this model makes several testable predictions about how individuals make decisions in groups and offers a valuable perspective on how we view sources of variability in animal, and human, behaviour.
More details here: https://www.pnas.org/content/115/44/E10387, though I will
(time permitting) also be describing some ongoing further developments.