Information Processing and Commitment

Armin Falk and Florian Zimmermann

Economic Journal, 2018, vol. 128, issue 613, 1983-2002

Abstract: Beliefs are often found to be sticky and rather immune to new information. In this article, we highlight a specific mechanism that raises resistance to incorporate new information. We provide causal evidence that commitment to a first opinion leads to a neglect of new and challenging information. Being asked to write down an initial estimate before additional information is obtained significantly and substantially reduces the accuracy of final beliefs. Investigating the sources of this effect, we show that our findings are well explained by an internal desire to act consistently.

Date: 2018
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