Using Advice Without Considering Its Quality: A Laboratory Experiment of Demand for Advice
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.
Fields of Study & Subjects
Experimental Behavioral Economics Studies
Decision-Making and Behavioral Economics
Game Theory and Applications
Publication details
- Journal / source
- Toulouse Capitole Publications (University Toulouse 1 Capitole)
- Publication date
- 1 January 2026
- Language
- EN
- Document type
- Book