Sequential Betting Behavior: A Test of Asymmetric Inconsistencies in Group Decision Making
ABSTRACT Previous research has shown that individual decision makers tend to bet more than initially planned after experiencing a loss but not after a gain. This research tests whether groups in consensus decision‐making contexts also demonstrate similar asymmetric inconsistencies. Two experiments,...
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| Veröffentlicht in: | Psychology & marketing 2014-02, Vol.31 (2), p.126-133 |
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| container_title | Psychology & marketing |
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| creator | Islam, Gazi Claro, Danny P. Andrade, Eduardo B. |
| description | ABSTRACT
Previous research has shown that individual decision makers tend to bet more than initially planned after experiencing a loss but not after a gain. This research tests whether groups in consensus decision‐making contexts also demonstrate similar asymmetric inconsistencies. Two experiments, one at the individual level and one with three‐person groups, were carried out based on a gambling‐type betting task. Although individuals planned more conservatively than groups regarding their betting behavior after the first outcome, both individuals and groups misestimated their own betting behavior after losses but not after gains. Negative, but not positive, emotional reactions to previous decision outcomes were also misestimated, leading to incorrect predictions of future behavior. Implications for theory and future research are discussed. |
| doi_str_mv | 10.1002/mar.20681 |
| format | Article |
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Previous research has shown that individual decision makers tend to bet more than initially planned after experiencing a loss but not after a gain. This research tests whether groups in consensus decision‐making contexts also demonstrate similar asymmetric inconsistencies. Two experiments, one at the individual level and one with three‐person groups, were carried out based on a gambling‐type betting task. Although individuals planned more conservatively than groups regarding their betting behavior after the first outcome, both individuals and groups misestimated their own betting behavior after losses but not after gains. Negative, but not positive, emotional reactions to previous decision outcomes were also misestimated, leading to incorrect predictions of future behavior. Implications for theory and future research are discussed.</description><identifier>ISSN: 0742-6046</identifier><identifier>EISSN: 1520-6793</identifier><identifier>DOI: 10.1002/mar.20681</identifier><language>eng</language><publisher>Hoboken: Blackwell Publishing Ltd</publisher><subject>Cognitive psychology ; Decision making ; Decision making units ; Decision theory ; Gambling ; Studies</subject><ispartof>Psychology & marketing, 2014-02, Vol.31 (2), p.126-133</ispartof><rights>2014 Wiley Periodicals, Inc.</rights><rights>Copyright Wiley Periodicals Inc. Feb 2014</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c3661-8847fa7b76347d121485c91a53ee3528a399ca6993dc9b36162c56e9ea04c5b13</citedby><cites>FETCH-LOGICAL-c3661-8847fa7b76347d121485c91a53ee3528a399ca6993dc9b36162c56e9ea04c5b13</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1002%2Fmar.20681$$EPDF$$P50$$Gwiley$$H</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1002%2Fmar.20681$$EHTML$$P50$$Gwiley$$H</linktohtml><link.rule.ids>314,780,784,1417,27924,27925,45574,45575</link.rule.ids></links><search><creatorcontrib>Islam, Gazi</creatorcontrib><creatorcontrib>Claro, Danny P.</creatorcontrib><creatorcontrib>Andrade, Eduardo B.</creatorcontrib><title>Sequential Betting Behavior: A Test of Asymmetric Inconsistencies in Group Decision Making</title><title>Psychology & marketing</title><addtitle>Psychol. Mark</addtitle><description>ABSTRACT
Previous research has shown that individual decision makers tend to bet more than initially planned after experiencing a loss but not after a gain. This research tests whether groups in consensus decision‐making contexts also demonstrate similar asymmetric inconsistencies. Two experiments, one at the individual level and one with three‐person groups, were carried out based on a gambling‐type betting task. Although individuals planned more conservatively than groups regarding their betting behavior after the first outcome, both individuals and groups misestimated their own betting behavior after losses but not after gains. Negative, but not positive, emotional reactions to previous decision outcomes were also misestimated, leading to incorrect predictions of future behavior. Implications for theory and future research are discussed.</description><subject>Cognitive psychology</subject><subject>Decision making</subject><subject>Decision making units</subject><subject>Decision theory</subject><subject>Gambling</subject><subject>Studies</subject><issn>0742-6046</issn><issn>1520-6793</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2014</creationdate><recordtype>article</recordtype><recordid>eNp1kM1OAjEURhujiYgufIMmrlwMtNNpZ-oOQQcSUIIYEzdNKR0tPx1sB5W3tzjqztXNTc733dwDwDlGLYxQ3F5L14oRy_ABaGAao4ilnByCBkqTOGIoYcfgxPsFQoHmtAGeH_TbVtvKyBW81lVl7EuYr_LdlO4KduBU-wqWBez43XqtK2cUHFhVWm98pa0y2kNjYe7K7Qb2tDLelBaO5DL0nIKjQq68PvuZTfB4ezPt9qPhfT7odoaRIozhKMuStJDpLGUkSec4xklGFceSEq0JjTNJOFeScU7mis8IwyxWlGmuJUoUnWHSBBd178aV4RdfiUW5dTacFDjhiHNKOArUZU0pV3rvdCE2zgRbO4GR2KsTYRHf6gLbrtkPs9K7_0Ex6kx-E1Gd2Gv5_EtItxQsJSkVT3e5yHv98bQ7GYox-QJ9sH4a</recordid><startdate>201402</startdate><enddate>201402</enddate><creator>Islam, Gazi</creator><creator>Claro, Danny P.</creator><creator>Andrade, Eduardo B.</creator><general>Blackwell Publishing Ltd</general><general>Wiley Periodicals Inc</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope></search><sort><creationdate>201402</creationdate><title>Sequential Betting Behavior: A Test of Asymmetric Inconsistencies in Group Decision Making</title><author>Islam, Gazi ; Claro, Danny P. ; Andrade, Eduardo B.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3661-8847fa7b76347d121485c91a53ee3528a399ca6993dc9b36162c56e9ea04c5b13</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2014</creationdate><topic>Cognitive psychology</topic><topic>Decision making</topic><topic>Decision making units</topic><topic>Decision theory</topic><topic>Gambling</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Islam, Gazi</creatorcontrib><creatorcontrib>Claro, Danny P.</creatorcontrib><creatorcontrib>Andrade, Eduardo B.</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><jtitle>Psychology & marketing</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Islam, Gazi</au><au>Claro, Danny P.</au><au>Andrade, Eduardo B.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Sequential Betting Behavior: A Test of Asymmetric Inconsistencies in Group Decision Making</atitle><jtitle>Psychology & marketing</jtitle><addtitle>Psychol. Mark</addtitle><date>2014-02</date><risdate>2014</risdate><volume>31</volume><issue>2</issue><spage>126</spage><epage>133</epage><pages>126-133</pages><issn>0742-6046</issn><eissn>1520-6793</eissn><abstract>ABSTRACT
Previous research has shown that individual decision makers tend to bet more than initially planned after experiencing a loss but not after a gain. This research tests whether groups in consensus decision‐making contexts also demonstrate similar asymmetric inconsistencies. Two experiments, one at the individual level and one with three‐person groups, were carried out based on a gambling‐type betting task. Although individuals planned more conservatively than groups regarding their betting behavior after the first outcome, both individuals and groups misestimated their own betting behavior after losses but not after gains. Negative, but not positive, emotional reactions to previous decision outcomes were also misestimated, leading to incorrect predictions of future behavior. Implications for theory and future research are discussed.</abstract><cop>Hoboken</cop><pub>Blackwell Publishing Ltd</pub><doi>10.1002/mar.20681</doi><tpages>8</tpages></addata></record> |
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| language | eng |
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| source | EBSCOhost Business Source Complete; Access via Wiley Online Library |
| subjects | Cognitive psychology Decision making Decision making units Decision theory Gambling Studies |
| title | Sequential Betting Behavior: A Test of Asymmetric Inconsistencies in Group Decision Making |
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