Preferences and Social Influence

Chaim Fershtman (fersht@post.tau.ac.il) and Uzi Segal
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Chaim Fershtman: Tel Aviv University

No 912, Boston College Working Papers in Economics from Boston College Department of Economics

Abstract: Interaction between decision makers may affect their preferences. We consider a setup in which each individual is characterized by two sets of preferences: his unchanged core preferences and his behavioral preferences. Each individual has a social influence function that determines his behavioral preferences given his core preferences and the behavioral preferences of other individuals in his group. Decisions are made according to behavioral preferences. The paper considers different properties of these social influence functions and their effect on equilibrium behavior. We illustrate the applicability of our model by considering decision making by a committee that has a deliberation stage prior to voting.

Keywords: Risk aversion; social influence; behavioral preferences (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2016-05-20
New Economics Papers: this item is included in nep-cbe, nep-cdm, nep-hpe, nep-mic, nep-pol and nep-upt
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Published, American Economic Journal: Microeconomics, 2018, 10(3):124-142.

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Journal Article: Preferences and Social Influence (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:boc:bocoec:912

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