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Why do people place lower weight on advice far from their own initial opinion?

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  • Ravazzolo, Francesco
  • Røisland, Øistein

Abstract

Experimental studies find that the weight put on advice is negatively related to the distance between the advice and the decision-maker's initial opinion. We show that this can be rational if the decision-maker has imperfect knowledge about the advisor's competence.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 112 (2011)
Issue (Month): 1 (July)
Pages: 63-66

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Handle: RePEc:eee:ecolet:v:112:y:2011:i:1:p:63-66

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Distance effect Policy decision-making Signal-extraction Uncertainty;

References

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  1. Jean-Pierre Benoit & Juan Dubra, 2008. "Overconfidence," NajEcon Working Paper Reviews 122247000000002148, www.najecon.org.
  2. Yaniv, Ilan, 1997. "Weighting and Trimming: Heuristics for Aggregating Judgments under Uncertainty," Organizational Behavior and Human Decision Processes, Elsevier, vol. 69(3), pages 237-249, March.
  3. Yaniv, Ilan, 2004. "Receiving other people's advice: Influence and benefit," Organizational Behavior and Human Decision Processes, Elsevier, vol. 93(1), pages 1-13, January.
  4. Yaniv, Ilan & Milyavsky, Maxim, 2007. "Using advice from multiple sources to revise and improve judgments," Organizational Behavior and Human Decision Processes, Elsevier, vol. 103(1), pages 104-120, May.
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