Tell Me What I Wanted to Hear: Confirmation Effect in Lay Evaluations of Financial Expert Authority
Tomasz Zaleśkiewicz , Agata Gąsiorowska
AbstractIn 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.
|Journal series||Applied Psychology-An International Review-Psychologie Appliqueerevue Internationale, ISSN 0269-994X, (A 40 pkt)|
|Publication size in sheets||1.8|
|ASJC Classification||; ;|
|Publication indicators||: 2016 = 1.272; : 2017 = 2.49 (2) - 2017=3.051 (5)|
|Citation count*||3 (2020-09-24)|
* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.