Abstract
How does temporally structured private and social information shape collective decisions? To address this question we consider a network of rational agents who independently accumulate private evidence that triggers a decision upon reaching a threshold. When seen by the whole network, the first agent’s choice initiates a wave of new decisions; later decisions have less impact. In heterogeneous networks, first decisions are made quickly by impulsive individuals who need little evidence to make a choice but, even when wrong, can reveal the correct options to nearly everyone else. We conclude that groups comprised of diverse individuals can make more efficient decisions than homogenous ones.
- Received 11 July 2020
- Revised 4 September 2020
- Accepted 24 September 2020
DOI:https://doi.org/10.1103/PhysRevLett.125.218302
© 2020 American Physical Society
Physics Subject Headings (PhySH)
Viewpoint
How Laggards Help Decision-Making
Published 16 November 2020
Collective decision-making in a social network is better when there are both early adopters and laggards.
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