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When good advice is ignored : the role of envy and stubbornness
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Ronayne, David and Sgroi, Daniel (2018) When good advice is ignored : the role of envy and stubbornness. Working Paper. Coventry: University of Warwick. Department of Economics. Warwick economics research papers series (WERPS), 2018 (1150). (Unpublished)
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Official URL: https://warwick.ac.uk/fac/soc/economics/research/w...
Abstract
We present results from an experiment involving 1,500 participants on whether, when and why good advice is ignored, focusing on envy and stubbornness. Participants performance in skill-based and luck-based tasks generated a probability of winning a bonus. About a quarter ignored advice that would have increased their chance of winning. Good advice was followed less often when the adviser was relatively highly remunerated or the task was skill-based. More envious advisees took good advice more often in the skill-based task, but higher adviser remuneration significantly reduced this effect. Susceptibility to the sunk cost fallacy reduced the uptake of good advice.
Item Type: | Working or Discussion Paper (Working Paper) | ||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||
Library of Congress Subject Headings (LCSH): | Specialists, Decision making, Envy, Obstinacy, Sunk costs | ||||||
Series Name: | Warwick economics research papers series (WERPS) | ||||||
Publisher: | University of Warwick. Department of Economics | ||||||
Place of Publication: | Coventry | ||||||
ISSN: | 0083-7350 | ||||||
Official Date: | January 2018 | ||||||
Dates: |
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Volume: | 2018 | ||||||
Number: | 1150 | ||||||
Number of Pages: | 36 | ||||||
Institution: | University of Warwick | ||||||
Status: | Not Peer Reviewed | ||||||
Publication Status: | Unpublished | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Description: | This paper also appears as CAGE Discussion Paper No: 359 |
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RIOXX Funder/Project Grant: |
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