The expert and the charlatan: an experimental study in economic advice
How do people choose what economic advice to heed? We develop a set of validated multiple-choice questions on economic policy problems, to examine empirically the persuasiveness of expert versus populist advice. We define populism as advice that conforms to commonly held beliefs, even when wrong. Tw...
Saved in:
| Main Authors: | , , , |
|---|---|
| Format: | Book/Monograph Working Paper |
| Language: | English |
| Published: |
Rochester, NY
Social Science Research Network
June 22, 2020
|
| Online Access: | Verlag, lizenzpflichtig, Volltext: https://papers.ssrn.com/abstract=3644653
|
| Author Notes: | Theodore Alysandratos, Aristotelis Boukouras, Sotiris Georganas, Zacharias Maniadis |
MARC
| LEADER | 00000cam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | 1789450098 | ||
| 003 | DE-627 | ||
| 005 | 20220213130837.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 220211s2020 xx |||||o 00| ||eng c | ||
| 035 | |a (DE-627)1789450098 | ||
| 035 | |a (DE-599)KXP1789450098 | ||
| 035 | |a (OCoLC)1296541721 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a 17 |2 sdnb | ||
| 100 | 1 | |a Alysandratos, Theodore |e VerfasserIn |0 (DE-588)1171830629 |0 (DE-627)1040721567 |0 (DE-576)513865934 |4 aut | |
| 245 | 1 | 4 | |a The expert and the charlatan |b an experimental study in economic advice |c Theodore Alysandratos, Aristotelis Boukouras, Sotiris Georganas, Zacharias Maniadis |
| 264 | 1 | |a Rochester, NY |b Social Science Research Network |c June 22, 2020 | |
| 300 | |a 60 Seiten |b Illustrationen | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 500 | |a Gesehen am 11.02.2022 | ||
| 520 | |a How do people choose what economic advice to heed? We develop a set of validated multiple-choice questions on economic policy problems, to examine empirically the persuasiveness of expert versus populist advice. We define populism as advice that conforms to commonly held beliefs, even when wrong. Two (computerized) advisers suggest answers to each question, and experimental participants are incentivised to choose the most accurate adviser. Do participants choose the high-accuracy adviser (`the Expert'), or the low-accuracy one (`the Charlatan'), whose answers are designed to be similar to the modal participant's priors? Our participants overwhelmingly choose the Charlatan, and this is only slowly and partially reversed with sequential feedback on the correct answer. We develop Bayesian models to determine optimal choice benchmarks, but find that behavior is best explained by a naive choice model akin to reinforcement learning with high inertia. | ||
| 650 | 4 | |a Democracy | |
| 650 | 4 | |a Economic Literacy | |
| 650 | 4 | |a Expert Advice | |
| 650 | 4 | |a Populism | |
| 700 | 1 | |a Boukouras, Aristotelis |e VerfasserIn |4 aut | |
| 700 | 1 | |a Geōrganas, Sōtērēs |d 1980- |e VerfasserIn |0 (DE-588)140768513 |0 (DE-627)626132290 |0 (DE-576)322859743 |4 aut | |
| 700 | 1 | |a Maniadis, Zacharias |e VerfasserIn |4 aut | |
| 856 | 4 | 0 | |u https://papers.ssrn.com/abstract=3644653 |x Verlag |z lizenzpflichtig |3 Volltext |
| 951 | |a BO | ||
| 992 | |a 20220211 | ||
| 993 | |a WorkingPaper | ||
| 994 | |a 2020 | ||
| 998 | |g 1171830629 |a Alysandratos, Theodore |m 1171830629:Alysandratos, Theodore |p 1 |x j | ||
| 999 | |a KXP-PPN1789450098 |e 4056017492 | ||
| BIB | |a Y | ||
| JSO | |a {"id":{"eki":["1789450098"]},"title":[{"title":"The expert and the charlatan","subtitle":"an experimental study in economic advice","title_sort":"expert and the charlatan"}],"origin":[{"publisher":"Social Science Research Network","dateIssuedKey":"2020","dateIssuedDisp":"June 22, 2020","publisherPlace":"Rochester, NY"}],"person":[{"given":"Theodore","family":"Alysandratos","role":"aut","display":"Alysandratos, Theodore","roleDisplay":"VerfasserIn"},{"given":"Aristotelis","family":"Boukouras","role":"aut","roleDisplay":"VerfasserIn","display":"Boukouras, Aristotelis"},{"role":"aut","display":"Geōrganas, Sōtērēs","roleDisplay":"VerfasserIn","given":"Sōtērēs","family":"Geōrganas"},{"family":"Maniadis","given":"Zacharias","display":"Maniadis, Zacharias","roleDisplay":"VerfasserIn","role":"aut"}],"name":{"displayForm":["Theodore Alysandratos, Aristotelis Boukouras, Sotiris Georganas, Zacharias Maniadis"]},"recId":"1789450098","language":["eng"],"note":["Gesehen am 11.02.2022"],"type":{"bibl":"book","media":"Online-Ressource"},"physDesc":[{"noteIll":"Illustrationen","extent":"60 Seiten"}]} | ||
| SRT | |a ALYSANDRATEXPERTANDT2220 | ||