The Utilization of Expert Advice: Effects of Cost and Accuracy

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Sutherland, Steven C.
Expected Value; Expert Advice; Representative Design; Sunk Cost
thesis / dissertation description
Effects of cost and accuracy on the decision to request and to utilize expert advice were investigated in 2 experiments using a choice task. Experiments 1 and 2 found that experienced accuracy significantly predicted requesting expert advice. Participants in Experiment 2 used very inaccurate experts to rule out the expert's option. Cost affected requesting advice in Experiment 1 only when cost was able to exceed the amount that could be gained for a correct choice. Experiment 2 found a significant interaction between cost and experienced accuracy. Both experiments found requesting advice was the only significant predictor for changing answers. The results did not support an adherence to sunk costs in the decision to change answers.