Unformatted text preview: entrants. The game is designed to simulate real world markets, in which the per capita profit is inversely proportional to the number of entrants in that particular market. They also measured the level of confidence for each player. What they found was that when given very little information about these “markets” their decisions were based almost completely on confidence. This is because they used the behaviors of other people, relative to their own without communicating with one another. The conclusion that they drew was that these decisions were incredibly accurate. This proves that people have an intuition that is very often right, when they know the behavioral patterns of other people they are competing against. The implications of these findings are that people who study economical psychology now know that people base many of their decisions on confidence, and the behavior of others....
View Full Document
This note was uploaded on 04/07/2008 for the course PSY 205 taught by Professor Palfai during the Spring '08 term at Syracuse.
- Spring '08