Florian Wakolbinger

The Role of Naive Advice and Observational Learning

in Economic Decision Making - Evidence from Economic Experiments

• Broschiertes Buch

Produktbeschreibung

Revision with unchanged content. We examine the effects of observational learning and naïve advice on the quality of decision-making in interactive tasks and decisions with ethical aspects. Although many everyday decisions are influenced by receiving advice or by observing others, little is known about the comparative impact of these types of information. Chapter 1 introduces the topic, chapters 2 and 3 report the results of two experimental beauty-contest games in which either one or all subjects receive advice or observe others' past behavior. We find that subjects receiving advice outperform uninformed subjects permanently, whereas subjects who observe others before making their decision do only have a temporary advantage. Chapter 4 presents a tax-evasion experiment and distinguishes between advice of subjects and observing statistics about subjects that show either high or low compliance. Presenting such information increases evasion, even if it comes from the sample showing relatively high compliance. Advice has a bigger impact than observing others and subjects focus on selfish payoff maximization rather than morale when giving advice. Chapter 5 concludes.

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Produktdetails

• Verlag: AV Akademikerverlag
• Aufl.
• Seitenzahl: 104
• Erscheinungstermin: 11. Juli 2012
• Englisch
• Abmessung: 220mm x 150mm x 7mm
• Gewicht: 173g
• ISBN-13: 9783639441093
• ISBN-10: 3639441095
• Artikelnr.: 36106943

Autorenporträt

Dr. Florian Wakolbinger, born 1980, has studied Economics in Linz, Prague and Innsbruck and has since then been researching in the fields of experimental and public economics. He co-founded 3E - www.drei-e.at - a spin-off company of the University of Innsbruck doing applied economic research.