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      Making better decisions in groups

      review-article
      1 , 2 , 1 , 3
      Royal Society Open Science
      The Royal Society Publishing
      decision-making, social, bias, confidence, diversity, Bayesian

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          Abstract

          We review the literature to identify common problems of decision-making in individuals and groups. We are guided by a Bayesian framework to explain the interplay between past experience and new evidence, and the problem of exploring the space of hypotheses about all the possible states that the world could be in and all the possible actions that one could take. There are strong biases, hidden from awareness, that enter into these psychological processes. While biases increase the efficiency of information processing, they often do not lead to the most appropriate action. We highlight the advantages of group decision-making in overcoming biases and searching the hypothesis space for good models of the world and good solutions to problems. Diversity of group members can facilitate these achievements, but diverse groups also face their own problems. We discuss means of managing these pitfalls and make some recommendations on how to make better group decisions.

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          Most cited references189

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          A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades

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            Neural correlations, population coding and computation.

            How the brain encodes information in population activity, and how it combines and manipulates that activity as it carries out computations, are questions that lie at the heart of systems neuroscience. During the past decade, with the advent of multi-electrode recording and improved theoretical models, these questions have begun to yield answers. However, a complete understanding of neuronal variability, and, in particular, how it affects population codes, is missing. This is because variability in the brain is typically correlated, and although the exact effects of these correlations are not known, it is known that they can be large. Here, we review studies that address the interaction between neuronal noise and population codes, and discuss their implications for population coding in general.
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              Boys will be Boys: Gender, Overconfidence, and Common Stock Investment

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                Author and article information

                Journal
                R Soc Open Sci
                R Soc Open Sci
                RSOS
                royopensci
                Royal Society Open Science
                The Royal Society Publishing
                2054-5703
                August 2017
                16 August 2017
                16 August 2017
                : 4
                : 8
                : 170193
                Affiliations
                [1 ]Wellcome Trust Centre for Neuroimaging, University College London , London WC1N 3BG, UK
                [2 ]Interacting Minds Centre, Aarhus University , 8000 Aarhus, Denmark
                [3 ]Institute of Philosophy, University of London , London WC1E 7HU, UK
                Author notes
                Author for correspondence: Dan Bang e-mail: danbang.db@ 123456gmail.com
                Author information
                http://orcid.org/0000-0001-7446-7090
                Article
                rsos170193
                10.1098/rsos.170193
                5579088
                28878973
                e280ee23-7e13-42e1-b8b5-3f4238600299
                © 2017 The Authors.

                Published by the Royal Society under the terms of the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/, which permits unrestricted use, provided the original author and source are credited.

                History
                : 1 March 2017
                : 10 July 2017
                Funding
                Funded by: Wellcome Trust, http://dx.doi.org/10.13039/100004440;
                Award ID: 091593/Z/10/Z
                Categories
                1001
                205
                Psychology and Cognitive Neuroscience
                Review Article
                Custom metadata
                August, 2017

                decision-making,social,bias,confidence,diversity,bayesian
                decision-making, social, bias, confidence, diversity, bayesian

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