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Judgmental aggregation strategies depend on whether the self is involved

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  • Soll, Jack B.
  • Mannes, Albert E.

Abstract

We report the results of a novel experiment that addresses two unresolved questions in the judgmental forecasting literature. First, how does combining the estimates of others differ from revising one's own estimate based on the judgment of another? The experiment found that participants often ignored advice when revising an estimate but averaged estimates when combining. This was true despite receiving identical feedback about the accuracy of past judgments. Second, why do people consistently tend to overweight their own opinions at the expense of profitable advice? We compared two prominent explanations for this, differential access to reasons and egocentric beliefs, and found that neither adequately accounts for the overweighting of the self. Finally, echoing past research, we find that averaging opinions is often advantageous, but that choosing a single judge can perform well in certain predictable situations.

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  • Soll, Jack B. & Mannes, Albert E., 2011. "Judgmental aggregation strategies depend on whether the self is involved," International Journal of Forecasting, Elsevier, vol. 27(1), pages 81-102, January.
    • Handle: RePEc:eee:intfor:v:27:y::i:1:p:81-102
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    Cited by:

    1. Ilan Yaniv & Shoham Choshen-Hillel, 2012. "When guessing what another person would say is better than giving your own opinion: Using perspective-taking to improve advice-taking," Discussion Paper Series dp622, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
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    3. repec:cup:judgdm:v:14:y:2019:i:3:p:349-363 is not listed on IDEAS
    4. Jordan Tong & Daniel Feiler, 2017. "A Behavioral Model of Forecasting: Naive Statistics on Mental Samples," Management Science, INFORMS, vol. 63(11), pages 3609-3627, November.
    5. Thomas Schultze & Andreas Mojzisch & Stefan Schulz-Hardt, 2019. "Why dyads heed advice less than individuals do," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 14(3), pages 349-363, May.
    6. repec:cup:judgdm:v:10:y:2015:i:3:p:265-276 is not listed on IDEAS
    7. Thomas Schultze & Anne-Fernandine Rakotoarisoa & Stefan Schulz-Hardt, 2015. "Effects of distance between initial estimates and advice on advice utilization," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 10(2), pages 144-171, March.
    8. Mandy Hütter & Fabian Ache, 2016. "Seeking advice: A sampling approach to advice taking," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(4), pages 401-415, July.
    9. Jaeseob Lim & Sang-Hun Lee, 2020. "Utility and use of accuracy cues in social learning of crowd preferences," PLOS ONE, Public Library of Science, vol. 15(10), pages 1-25, October.
    10. Philipp Ecken & Richard Pibernik, 2016. "Hit or Miss: What Leads Experts to Take Advice for Long-Term Judgments?," Management Science, INFORMS, vol. 62(7), pages 2002-2021, July.
    11. Logg, Jennifer M. & Minson, Julia A. & Moore, Don A., 2019. "Algorithm appreciation: People prefer algorithmic to human judgment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 151(C), pages 90-103.
    12. Önkal, Dilek & Sinan Gönül, M. & Goodwin, Paul & Thomson, Mary & Öz, Esra, 2017. "Evaluating expert advice in forecasting: Users’ reactions to presumed vs. experienced credibility," International Journal of Forecasting, Elsevier, vol. 33(1), pages 280-297.
    13. Yaron Shlomi, 2014. "Subjective integration of probabilistic information from experience and description," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 9(5), pages 491-499, September.
    14. Peter Bednarik & Thomas Schultze, 2015. "The effectiveness of imperfect weighting in advice taking," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 10(3), pages 265-276, May.
    15. Benedikt Berger & Martin Adam & Alexander Rühr & Alexander Benlian, 2021. "Watch Me Improve—Algorithm Aversion and Demonstrating the Ability to Learn," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 63(1), pages 55-68, February.
    16. Wright, George & Rowe, Gene, 2011. "Group-based judgmental forecasting: An integration of extant knowledge and the development of priorities for a new research agenda," International Journal of Forecasting, Elsevier, vol. 27(1), pages 1-13, January.
    17. Rader, Christina A. & Soll, Jack B. & Larrick, Richard P., 2015. "Pushing away from representative advice: Advice taking, anchoring, and adjustment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 130(C), pages 26-43.
    18. repec:eee:intfor:v:27:y:2011:i:1:p:1-13 is not listed on IDEAS
    19. repec:cup:judgdm:v:11:y:2016:i:4:p:401-415 is not listed on IDEAS
    20. Chen Li & Ning Liu, 2021. "What to tell? Wise communication and wise crowd," Theory and Decision, Springer, vol. 90(2), pages 279-299, March.
    21. repec:cup:judgdm:v:10:y:2015:i:2:p:144-171 is not listed on IDEAS
    22. Kausel, Edgar E. & Culbertson, Satoris S. & Leiva, Pedro I. & Slaughter, Jerel E. & Jackson, Alexander T., 2015. "Too arrogant for their own good? Why and when narcissists dismiss advice," Organizational Behavior and Human Decision Processes, Elsevier, vol. 131(C), pages 33-50.

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