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How do learning ability, advice from experts and peers shape decision making?

Author

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  • Läpple, Doris
  • Barham, Bradford L.

Abstract

This article explores how learning by doing and responsiveness to advice from experts and peers shape individual decisions. Empirical evidence comes from a laboratory experiment that identifies individual learning capacity and then probes how subjects utilize two clearly distinct sources of outside information. The findings reveal heterogeneous learning pace of subjects. In addition, while subjects’ advice utilization leads to improved decision making, it does not foster learning. We also find different responses to our two distinct types of advice: subjects take relatively more advice from peers than they do from the expert. The article finishes with a discussion of how learning and advice taking from distinct sources can be fostered in the real world.

Suggested Citation

  • Läpple, Doris & Barham, Bradford L., 2019. "How do learning ability, advice from experts and peers shape decision making?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 80(C), pages 92-107.
    • Handle: RePEc:eee:soceco:v:80:y:2019:i:c:p:92-107
    DOI: 10.1016/j.socec.2019.03.010
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    Cited by:

    1. Kamal Bookwala & Caleb Gallemore & Joaquín Gómez‐Miñambres, 2022. "The influence of food recommendations: Evidence from a randomized field experiment," Economic Inquiry, Western Economic Association International, vol. 60(4), pages 1898-1910, October.
    2. Darya Korlyakova, 2021. "Learning about Ethnic Discrimination from Different Information Sources," CERGE-EI Working Papers wp689, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    3. Läpple, Doris & Maertens, Annemie & Barham, Bradford L., 2023. "Communication and advice-taking: Evidence from a laboratory experiment," Economics Letters, Elsevier, vol. 228(C).
    4. Massfeller, Anna & Storm, Hugo, 2022. "Socio-spatial information sources influencing farmers’ decision to use mechanical weeding in sugar beets," 96th Annual Conference, April 4-6, 2022, K U Leuven, Belgium 321154, Agricultural Economics Society - AES.

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