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STRATEGIES FOR ADVICE TAKING: THE ROLE OF EPISTEMIC SOCIAL INFORMATION

  • Annika Wallin (a1) and Richard McElreath (a2)
Abstract:

How does an individual decision maker update his or her beliefs in the light of others’ beliefs? We present an empirical investigation that varies decision makers’ access to other peoples’ beliefs: whether they know what course of action others have taken (in this case how a problem is solved) and whether they know why this course of action was taken (why a particular solution is preferred). We propose a number of process models of advice taking that do and do not accommodate the reasons given for belief (epistemic social information), and evaluate which is used through model comparison techniques.

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Economics & Philosophy
  • ISSN: 0266-2671
  • EISSN: 1474-0028
  • URL: /core/journals/economics-and-philosophy
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