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The Benefit of Additional Opinions

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  • Ilan Yaniv

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    Abstract

    In daily decision making, people often solicit one another's opinions in the hope of improving their own judgment. According to both theory and empirical results, integrating even a few opinions is beneficial, with the accuracy gains diminishing as the bias of the judges or the correlation between their opinions increases. Decision makers using intuitive policies for integrating others’ opinions rely on a variety of accuracy cues in weighting the opinions they receive. They tend to discount dissenters and to give greater weight to their own opinion than to other people's opinions.

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    File URL: http://ratio.huji.ac.il/sites/default/files/publications/dp422.pdf
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    Bibliographic Info

    Paper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp422.

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    Length: 9 pages
    Date of creation: May 2006
    Date of revision:
    Publication status: Published in Current Directions in Psychological Science, 2004, vol. 13, pp. 75-78.
    Handle: RePEc:huj:dispap:dp422

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    1. Clemen, Robert T., 1989. "Combining forecasts: A review and annotated bibliography," International Journal of Forecasting, Elsevier, vol. 5(4), pages 559-583.
    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.
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