What is it about?
People tend to think that others preferences are similar to their own. Because of this bias people end up making choices according to their own preferences, in spite of their intention to please the person for whom they made the choice. The model was formed using a simple psychological game.
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Why is it important?
Taking into account second order belief (which is belief on another player's belief), a game-theoretical model was used to explain a behavioral phenomenon.
Perspectives
Tried our hands in behavioral economics
Dr Sumit Sarkar
XLRI Jamshedpur School of Business and Human Resources
Read the Original
This page is a summary of: Partially Altruistic Choice in Presence of Consensus Bias, Journal of Quantitative Economics, January 2018, Springer Science + Business Media,
DOI: 10.1007/s40953-018-0117-8.
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