Using Advice Without Considering Its Quality: A Laboratory Experiment of Demand for Advice

Jacopo Bregolin (), Astrid Hopfensitz () and Elena Panova
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Jacopo Bregolin: University of Liverpool
Astrid Hopfensitz: EM - EMLyon Business School
Elena Panova: TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: We experimentally test how the content of advice, namely, its alignment with common priors, influences beliefs about its quality and future demand for it. We reject the theoretical hypothesis that demand for advice can be increased by giving advice in alignment with common priors. We find, furthermore, that such alignment has hardly any impact on the participants' beliefs about quality of advice. Nevertheless, advice influences participants' guesses in an incentivized task, regardless of their beliefs about the quality of advice itself.

Keywords: Demand for information; Belief updating (search for similar items in EconPapers)
Date: 2026-09-27
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