Fig. 1.

Informational cascades task trial structure. The decisions of trader 1 (social information I) and trader 2 (social information II) were followed by a buying recommendation of a rating agency for one or the other stock (private information). At the end of every trial, participants decided which stock (W or S) provided the higher revenue and indicated the probability of the correct outcome (probability judgment). The different windows were separated with fixation crosses (see ‘experimental design’ section for details).