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

Author

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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.

Suggested Citation

  • Ravazzolo, Francesco & Røisland, Øistein, 2011. "Why do people place lower weight on advice far from their own initial opinion?," Economics Letters, Elsevier, vol. 112(1), pages 63-66, July.
  • Handle: RePEc:eee:ecolet:v:112:y:2011:i:1:p:63-66
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    References listed on IDEAS

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    1. Benoît, Jean-Pierre & Dubra, Juan, 2007. "Overconfidence?," MPRA Paper 5505, University Library of Munich, Germany.
    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 & 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.
    4. 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.
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    Cited by:

    1. Shyam Gouri Suresh & Scott Jeffrey, 2017. "The Consequences of Social Pressures on Partisan Opinion Dynamics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(2), pages 242-259, March.
    2. Mandy Hütter & Fabian Ache, 2016. "Seeking advice: A sampling approach to advice taking," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(4), pages 401-415, July.
    3. Philipp Ecken & Richard Pibernik, 2016. "Hit or Miss: What Leads Experts to Take Advice for Long-Term Judgments?," Management Science, INFORMS, vol. 62(7), pages 2002-2021, July.

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