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In search engines, online marketplaces and other human-computer interfaceslarge collectives of individuals sequentially interact with numerousalternatives of varying quality. In these contexts, trial and error(exploration) is crucial for uncovering novel high-quality items or solutions,but entails a high cost for individual users. Self-interested decision makers,are often better off imitating the choices of individuals who have alreadyincurred the costs of exploration. Although imitation makes sense at theindividual level, it deprives the group of additional information that couldhave been gleaned by individual explorers. In this paper we show that in suchproblems, preference diversity can function as a welfare enhancing mechanism.It leads to a consistent increase in the quality of the consumed alternativesthat outweighs the increased cost of search for the users.

Diversity of preferences can increase collective welfare in sequential exploration problems