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.
Autor 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
Tytuł czasopisma/seriiApplied Psychology-An International Review-Psychologie Appliqueerevue Internationale, ISSN 0269-994X, (A 40 pkt)
Rok wydania2018
Tom67
Nr4
Paginacja686-722
Objętość publikacji w arkuszach wydawniczych1.8
Klasyfikacja ASJC3202 Applied Psychology; 1201 Arts and Humanities (miscellaneous); 3204 Developmental and Educational Psychology
DOIDOI:10.1111/apps.12145
Języken 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
Pliki dodatkowe
Tell Me_Oświadczenie_Gąsiorowska A..pdf 27.94 KB
Tell me what_oświadczenie_Zaleśkiewicz.pdf 29.3 KB
Punktacja (całkowita)40
Żródło punktacjijournalList
Wskaźniki publikacji Scopus SNIP (Source Normalised Impact per Paper): 2016 = 1.272; Impact Factor WoS: 2017 = 2.49 (2) - 2017=3.051 (5)
Liczba cytowań*6 (2021-03-04)
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