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Using Advice Without Considering Its Quality: A Laboratory Experiment of Demand for Advice

Author

Listed:
  • Bregolin, Jacopo
  • Hopfensitz, Astrid
  • Panova, Elena

Abstract

We experimentally test how the content of advice, namely, its alignment with common priors, influences beliefs about its quality and future demand for it. We reject the theoretical hypothesis that demand for advice can be increased by giving advice in alignment with common priors. We find, furthermore, that such alignment has hardly any impact on the participants’ beliefs about quality of advice. Nevertheless, advice influences participants’ guesses in an incentivized task, regardless of their beliefs about the quality of advice itself.

Suggested Citation

  • Bregolin, Jacopo & Hopfensitz, Astrid & Panova, Elena, 2026. "Using Advice Without Considering Its Quality: A Laboratory Experiment of Demand for Advice," TSE Working Papers 26-1696, Toulouse School of Economics (TSE).
    • Handle: RePEc:tse:wpaper:131199
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    References listed on IDEAS

    as
    1. Jin, Chuqing, 2024. "Does Competition Between Experts Improve Information Quality: Evidence from the Security Analyst Market," TSE Working Papers 24-1553, Toulouse School of Economics (TSE).
    2. Felix Chopras & Ingar Haaland & Christopher Roth, 2024. "The Demand for News: Accuracy Concerns Versus Belief Confirmation Motives," The Economic Journal, Royal Economic Society, vol. 134(661), pages 1806-1834.
    3. Alpert, Abby & Lakdawalla, Darius & Sood, Neeraj, 2023. "Prescription drug advertising and drug utilization: The role of Medicare Part D," Journal of Public Economics, Elsevier, vol. 221(C).
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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