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On the informational content of advice: a theoretical and experimental study

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  • Yaw Nyarko
  • Andrew Schotter
  • Barry Sopher

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  • Yaw Nyarko & Andrew Schotter & Barry Sopher, 2006. "On the informational content of advice: a theoretical and experimental study," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(2), pages 433-452, October.
    • Handle: RePEc:spr:joecth:v:29:y:2006:i:2:p:433-452
    DOI: 10.1007/s00199-005-0037-7
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    References listed on IDEAS

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    1. Yaw Nyarko & Andrew Schotter, 2002. "An Experimental Study of Belief Learning Using Elicited Beliefs," Econometrica, Econometric Society, vol. 70(3), pages 971-1005, May.
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    Citations

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    Cited by:

    1. Ding, Tingting & Schotter, Andrew, 2017. "Matching and chatting: An experimental study of the impact of network communication on school-matching mechanisms," Games and Economic Behavior, Elsevier, vol. 103(C), pages 94-115.
    2. Rudiger, Jesper, 2013. "Using Other People's Opinions: An Experimental Study," MPRA Paper 51787, University Library of Munich, Germany.
    3. Leuermann, Andrea & Roth, Benjamin, 2012. "Does good advice come cheap? - On the assessment of risk preferences in the lab and the field," Working Papers 0534, University of Heidelberg, Department of Economics.
    4. Bogaçhan Çelen & Sen Geng & Huihui Li, 2018. "Belief Error and Non-Bayesian Social Learning: An Experimental Evidence," GRU Working Paper Series GRU_2018_022, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    5. Pogrebna, Ganna, 2008. "Naive advice when half a million is at stake," Economics Letters, Elsevier, vol. 98(2), pages 148-154, February.
    6. Sapulete, Saraï & van Witteloostuijn, Arjen & Kaufmann, Wesley, 2014. "An experimental study into the influence of works council advice on managerial decision-making," Scandinavian Journal of Management, Elsevier, vol. 30(3), pages 358-371.
    7. Boðaçhan Çelen & Shachar Kariv & Andrew Schotter, 2005. "Words Speak Louder than Actions and Improve Welfare: An Experimental Test of Advice and Social Learning," Levine's Bibliography 784828000000000250, UCLA Department of Economics.
    8. Barry Sopher & Revan Sopher, 2013. "An Experiment on Partnership Protocols for Bilateral Trade with Incomplete Information," Departmental Working Papers 201304, Rutgers University, Department of Economics.
    9. Bou{g}açhan Çelen & Shachar Kariv & Andrew Schotter, 2010. "An Experimental Test of Advice and Social Learning," Management Science, INFORMS, vol. 56(10), pages 1687-1701, October.
    10. Andrea Leuermann & Benjamin Roth, 2012. "Does Good Advice Come Cheap?: On the Assessment of Risk Preferences in the Lab and in the Field," SOEPpapers on Multidisciplinary Panel Data Research 475, DIW Berlin, The German Socio-Economic Panel (SOEP).
    11. Sprenger, Julia, 2016. "Explanations or advice: The impact of financial literacy on information acquisition behavior," Ruhr Economic Papers 626, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    12. Boğaçhan Çelen & Erkut Özbay, 2012. "Introduction to a festschrift for Andrew Schotter," Review of Economic Design, Springer;Society for Economic Design, vol. 16(2), pages 89-91, September.

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    More about this item

    Keywords

    Advice; Decision making; Risk aversion; Experiments; D81; G11; C91;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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