Uncertainty in Social Networks: A Matter of Opinions

Abstract

In situations in which decision makers spend much of their time in different social networks, a natural question arises: how different opinions affect the certainty of choice? Using data from an economic experiment, this publication shows that if the decision makers are presented only with specific aggregate level of information they become less uncertain about their choice. However, introducing a social network, that allows decision makers to share opinions about the current economic situation, increases their level of uncertainty. Information entropy is used as a measure of certainty of economic choice.

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