Lay Evaluation of Financial Experts: The Action Advice Effect and Confirmation Bias.

ABSTRACT: The goal of this experimental project was to investigate lay peoples' perceptions of epistemic authority (EA) in the field of finance. EA is defined as the extent to which a source of information is treated as evidence for judgments independently of its objective expertise and based on subjective beliefs. Previous research suggested that EA evaluations are biased and that lay people tend to ascribe higher EA to experts who advise action (in the case of medical experts) or confirm clients' expectations (in the case of politicians). However, there has been no research into biases in lay evaluations of financial experts and this project is aimed to fill this gap. Experiment 1 showed that lay people tended to ascribe greater authority to financial consultants who gave more active advice to cli

SUBMITTER: Zaleskiewicz T 

PROVIDER: S-EPMC5037174 | biostudies-literature | 2016

REPOSITORIES: biostudies-literature