Related papers: Understanding (Ir)rational Herding Online
Opinion dynamics have fascinated researchers for centuries. The ability of societies to learn as well as the emergence of irrational {\it herding} are equally evident. The simplest example is that of agents that have to determine a binary…
Herding, where investors imitate others' decisions rather than relying on their own analysis, is a prevalent phenomenon in financial markets. Excessive herding distorts rational decisions, amplifies volatility, and can be exploited by…
Peer review is the backbone of academia and humans constitute a cornerstone of this process, being responsible for reviewing papers and making the final acceptance/rejection decisions. Given that human decision making is known to be…
Online lending, a phenomenon which is becoming mainstream due to the migration of consumer finance to the Internet and the adoption of AI based lending models, is an example of learning by doing. This paper studies optimal policies for a…
We explore how the mechanics of collective decision-making, especially of jury deliberation, can be inferred from macroscopic statistics. We first hypothesize that the dynamics of competing opinions can leave a "fingerprint" in the joint…
As online shopping becomes ever more prevalent, customers rely increasingly on product rating websites for making purchase decisions. The reliability of online ratings, however, is potentially compromised by the so-called herding effect:…
Recent advancements in Large Language Models (LLMs) have enabled the emergence of multi-agent systems where LLMs interact, collaborate, and make decisions in shared environments. While individual model behavior has been extensively studied,…
Social media platforms are thriving nowadays, so a huge volume of data is produced. As it includes brief and clear statements, millions of people post their thoughts on microblogging sites every day. This paper represents and analyze the…
Collective intelligence, which aggregates the shared information from large crowds, is often negatively impacted by unreliable information sources with the low quality data. This becomes a barrier to the effective use of collective…
Motivated by recent applications of sequential decision making in matching markets, in this paper we attempt at formulating and abstracting market designs for P2P lending. We describe a paradigm to set the stage for how peer to peer…
The growing popularity of online fundraising (aka "crowdfunding") has attracted significant research on the subject. In contrast to previous studies that attempt to predict the success of crowdfunded projects based on specific…
Social learning is a fundamental mechanism shaping decision-making across numerous social networks, including social trading platforms. In those platforms, investors combine traditional investing with copying the behavior of others.…
We explored decision-making dynamics in social systems, referencing the 'herd behavior' from prior studies where individuals follow preceding choices without understanding the underlying reasons. While previous research highlighted a…
Online rating systems are often used in numerous web or mobile applications, e.g., Amazon and TripAdvisor, to assess the ground-truth quality of products. Due to herding effects, the aggregation of historical ratings (or historical…
Online discussion threads are important means for individual decision-making and for aggregating collective judgments, e.g. the `wisdom of crowds'. Empirical investigations of the wisdom of crowds are currently ambivalent about the role…
It is widely believed that one's peers influence product adoption behaviors. This relationship has been linked to the number of signals a decision-maker receives in a social network. But it is unclear if these same principles hold when the…
Collective, especially group-based, managerial decision making is crucial in organizations. Using an evolutionary theoretic approach to collective decision making, agent-based simulations were conducted to investigate how human collective…
Social media platforms disseminate extensive volumes of online content, including true and, in particular, false rumors. Previous literature has studied the diffusion of offline rumors, yet more research is needed to understand the…
The provision of information can improve individual judgments but also fail to make group decisions more accurate; if individuals choose to attend to the same information in the same manner, the predictive diversity that enables crowd…
Boards of large corporations sharing some of their directors are connected in complex networks. Boards are responsible for corporations' long-term strategy and are often involved in decisions about a common topic related to the belief in…