Tell Me What I Wanted to Hear: Confirmation Effect in Lay Evaluations of Financial Expert Authority

Tomasz Zaleśkiewicz , Agata Gąsiorowska

Abstract

In real life, people engage in interactive decision processes by consulting with experts. However, before taking advice, they must recognise the authority of an expert to assess the quality of the advice. The main goal of this research was to investigate how the confirmation effect affects lay evaluations of the epistemic authority of financial experts. Experiment 1 showed that lay people tend to ascribe greater epistemic authority to those experts whose advice confirms people s opinions, both measured and manipulated. Experiment 2 revealed that when participants own opinions are not salient, people tend to evaluate experts authority as higher when their advice confirms social norms. In Experiment 3 we jointly investigated the effects of participants own opinions and social norms on the evaluations of authority. When both sources of expertise were made salient, decision-makers favoured advice confirming their own beliefs and used it to evaluate experts authority. Three interpretations of the role confirmation plays in the experts authority evaluations are proposed: (1) self-defensive strategies; (2) processing fluency; and (3) psychological consequences of na€ıve realism. The paper discusses practical implications of the results. We propose that increasing consumers knowledge about biases might protect their evaluations of financial advice from being susceptible to the confirmation effect.
Author Tomasz Zaleśkiewicz (Filia we Wrocławiu / II Wydział Psychologii we Wrocławiu)
Tomasz Zaleśkiewicz,,
- II Wydział Psychologii we Wrocławiu
, Agata Gąsiorowska (Filia we Wrocławiu / II Wydział Psychologii we Wrocławiu)
Agata Gąsiorowska,,
- II Wydział Psychologii we Wrocławiu
Journal seriesApplied Psychology-An International Review-Psychologie Appliqueerevue Internationale, ISSN 0269-994X, (A 40 pkt)
Issue year2018
Vol67
No4
Pages686-722
Publication size in sheets1.8
ASJC Classification3202 Applied Psychology; 1201 Arts and Humanities (miscellaneous); 3204 Developmental and Educational Psychology
DOIDOI:10.1111/apps.12145
Languageen angielski
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Tell Me What I Wanted to Hear_ Confirmation Effect in Lay Evaluations of Financial Expert Authority.pdf 351.98 KB
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Tell Me_Oświadczenie_Gąsiorowska A..pdf 27.94 KB
Tell me what_oświadczenie_Zaleśkiewicz.pdf 29.3 KB
Score (nominal)40
Score sourcejournalList
Publication indicators Scopus SNIP (Source Normalised Impact per Paper): 2016 = 1.272; WoS Impact Factor: 2017 = 2.49 (2) - 2017=3.051 (5)
Citation count*3 (2020-09-24)
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