How groups make collective decisions?

Image
IANS New York
Last Updated : Sep 20 2015 | 4:02 PM IST

How do you reach a consensus on which movie to watch when in a large group of friends? Initially, popular options get reinforced, and quorum sensing, where enough support for a given choice triggers the final decision, says a research.

Also, when a choice has more variations in how it is perceived, it is chosen less frequently, the study found.

Researchers from Carnegie Mellon University have developed a model that explains how groups make collective decisions. It has shown that positive feedback during the exploration process proves useful for making good and quick decisions.

"Throughout the presidential primary process in US, people are trying to find an ideal candidate in a crowded landscape. The person in the lead -- say Donald Trump -- gets more media coverage and attention, which could lead to more people thinking about voting for him based on name recognition," said co-researcher David Hagmann.

Using a Polya urn scheme -- a statistical model in which balls of different colours are repeatedly drawn from a container and previously picked colours become more likely to be drawn again -- the researchers were able to look at how long it takes to make decisions and calculate their accuracy.

"Most interesting, when one choice has more variation in how it is perceived, it is chosen less frequently, establishing systemic risk aversion," said co-researcher Russell Golman.

The model also helps in explaining how trends take off, such as the the success of word-of-mouth marketing tactics.

The study was published in the journal Science Advances.

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Sep 20 2015 | 3:50 PM IST

Next Story