Diversity Improves Speed and Accuracy in Social Networks

TL;DR

This paper demonstrates that diversity in social networks enhances both the speed and accuracy of collective decision-making by leveraging the different decision thresholds of heterogeneous agents.

Contribution

It introduces a model of rational agents with varying decision thresholds and shows how diversity leads to more efficient and accurate collective decisions.

Findings

Diverse networks reach decisions faster and more accurately.

Impulsive individuals can reveal correct options quickly, aiding the group.

Heterogeneity improves overall decision quality.

Abstract

How does temporally structured private and social information shape collective decisions? To address this question we consider a network of rational agents who independently accumulate private evidence that triggers a decision upon reaching a threshold. When seen by the whole network, the first agent's choice initiates a wave of new decisions; later decisions have less impact. In heterogeneous networks, first decisions are made quickly by impulsive individuals who need little evidence to make a choice, but, even when wrong, can reveal the correct options to nearly everyone else. We conclude that groups comprised of diverse individuals can make more efficient decisions than homogenous ones.