Comments on: The value of advice (by Alon Nir) http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/ My Irrational Life Mon, 06 Sep 2010 15:44:37 +0000 hourly 1 http://wordpress.com/ By: Juliane http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/#comment-3826 Juliane Fri, 07 Aug 2009 06:32:40 +0000 http://www.predictablyirrational.com/?p=647#comment-3826 This made me think of Stanley Milgram's obedience experiment. I wonder if the same parts of our brain are affected or at least the same mechanism is at work that shuts down our ability to make our own judgements and decisions, as it seems to shut down when we believe we are receiving advice from a person superior in knowledge. This made me think of Stanley Milgram’s obedience experiment. I wonder if the same parts of our brain are affected or at least the same mechanism is at work that shuts down our ability to make our own judgements and decisions, as it seems to shut down when we believe we are receiving advice from a person superior in knowledge.

]]> By: don’t be fooled by the expert or overconfident | maximum potential http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/#comment-3825 don’t be fooled by the expert or overconfident | maximum potential Wed, 29 Jul 2009 00:19:12 +0000 http://www.predictablyirrational.com/?p=647#comment-3825 [...] around on the predictably irrational blog and found two interesting articles.  the takeaway from one article was that when we receive expert advice it has the potential to make decision making software in your [...] [...] around on the predictably irrational blog and found two interesting articles.  the takeaway from one article was that when we receive expert advice it has the potential to make decision making software in your [...]

]]> By: Lorna Strobel Stewart http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/#comment-3824 Lorna Strobel Stewart Tue, 14 Jul 2009 15:14:27 +0000 http://www.predictablyirrational.com/?p=647#comment-3824 I am a mathematician, chaos theorist and fuzzy logician with a neat algorithm for judgment-based decision-making. The algorithm has translated into technology that makes mathematically rigorous judgment calls without the biases, moods and "bounded rationality" that limit human reasoning I would love to share my latest papers on soft decision-making with Dan Ariely. Is that possible? Lorna I am a mathematician, chaos theorist and fuzzy logician with a neat algorithm for judgment-based decision-making. The algorithm has translated into technology that makes mathematically rigorous judgment calls without the biases, moods and “bounded rationality” that limit human reasoning I would love to share my latest papers on soft decision-making with Dan Ariely. Is that possible?

Lorna

]]> By: Chris http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/#comment-3823 Chris Mon, 13 Jul 2009 19:40:39 +0000 http://www.predictablyirrational.com/?p=647#comment-3823 It would be hard to believe this if it didn't come from a credible source. All the puns there are intended. It would be hard to believe this if it didn’t come from a credible source. All the puns there are intended.

]]> By: ejly http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/#comment-3822 ejly Mon, 13 Jul 2009 15:43:32 +0000 http://www.predictablyirrational.com/?p=647#comment-3822 Right after I read your post here I saw http://www.cbsnews.com/stories/1998/07/08/60minutes/main4848039.shtml which details the error-prone-memory characteristics of victim testimony in a crime - Another interesting application of the expert problem. They detail some articles therein re: studying how selections are made from a police lineup and I wonder if you have research into that area as well. Right after I read your post here I saw http://www.cbsnews.com/stories/1998/07/08/60minutes/main4848039.shtml which details the error-prone-memory characteristics of victim testimony in a crime – Another interesting application of the expert problem. They detail some articles therein re: studying how selections are made from a police lineup and I wonder if you have research into that area as well.

]]> By: Alex Imas http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/#comment-3821 Alex Imas Sat, 11 Jul 2009 00:38:22 +0000 http://www.predictablyirrational.com/?p=647#comment-3821 These findings are particularly interesting in light of new proposals being made to bring hedge funds under government regulation. In 2008 hedge funds lost approximately half of what global stocks lost for their investors. The argument could be made that if government regulators began to monitor the activity of hedge funds, investors and hedge fund managers may begin to make less well thought out decisions because they believe that the regulators are overseeing and therefore tacitly approving those decisions. And I do not believe that this regulatory body would be consist of "expert economists". These findings are particularly interesting in light of new proposals being made to bring hedge funds under government regulation. In 2008 hedge funds lost approximately half of what global stocks lost for their investors. The argument could be made that if government regulators began to monitor the activity of hedge funds, investors and hedge fund managers may begin to make less well thought out decisions because they believe that the regulators are overseeing and therefore tacitly approving those decisions. And I do not believe that this regulatory body would be consist of “expert economists”.

]]> By: Who Is Your Investment Co-Pilot? Abnormal Returns http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/#comment-3820 Who Is Your Investment Co-Pilot? Abnormal Returns Fri, 10 Jul 2009 21:08:42 +0000 http://www.predictablyirrational.com/?p=647#comment-3820 [...] Recent research shows that in the face of “expert advice” parts of our brains involving “valuation and probability weighting” actually turns off.  In short we gave over our decision making ability to others providing “credible” advice.  (See this piece by Dan Ariely at Predictably Irrational.) [...] [...] Recent research shows that in the face of “expert advice” parts of our brains involving “valuation and probability weighting” actually turns off.  In short we gave over our decision making ability to others providing “credible” advice.  (See this piece by Dan Ariely at Predictably Irrational.) [...]

]]> By: Preet http://danariely.com/2009/07/10/the-value-of-advice-by-alon-nir/#comment-3819 Preet Fri, 10 Jul 2009 12:23:33 +0000 http://www.predictablyirrational.com/?p=647#comment-3819 Good! Same as our unconditional faith in doctors or charted accountants, etc. For those curious about this, see also http://www.ellenlanger.com/blog/. Good! Same as our unconditional faith in doctors or charted accountants, etc. For those curious about this, see also http://www.ellenlanger.com/blog/.

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