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Why Do People Pay for Useless Advice? Implications of Gambler's and Hot-Hand Fallacies in False-Expert Setting

Powdthavee, Nattavudh; Riyanto, Yohanes E. - Institute for the Study of Labor (IZA) - 2012

We investigated experimentally whether people can be induced to believe in a non-existent expert, and subsequently pay for what can only be described as transparently useless advice about future chance events. Consistent with the theoretical predictions made by Rabin (2002) and Rabin and Vayanos...

Persistent link: https://www.econbiz.de/10011279343

Why do people pay for useless advice? Implications of gambler's and hot-hand fallacies in false-expert setting

Powdthavee, Nattavudh; Riyanto, Yohanes E. - 2012

Persistent link: https://www.econbiz.de/10010282207

Expertise and Independence on Governing Boards: Evidence from School Districts

Shi, Ying; Singleton, John D. - 2019

In this paper, we study the roles of expertise and independence on governing boards in the context of education. In …

Persistent link: https://www.econbiz.de/10012059144

Scientific advice to public policy-making

Papponetti, Valeria; Pinelli, Dino - 2004

, credible, and effective. This paper discusses how policy-making profits from scientific advice in areas where science and … inherent variability, because science is incomplete or controversial, or because data are inadequate to support a definitive … answer. First, we analyse the social context that characterises the relationship between science and policy-making, with a …

Persistent link: https://www.econbiz.de/10011606758

The social value of financial expertise

Kurlat, Pablo - 2017

Persistent link: https://www.econbiz.de/10011779074

Heroes and villains: the effects of combat heroism on autocratic values and Nazi collaboration in France

Cagé, Julia; Dagorret, Anna; Grosjean, Pauline; Jha, … - 2021

Persistent link: https://www.econbiz.de/10012505438

China's Belt and Road initiative: can Europe expect trade gains?

García Herrero, Alicia; Xu, Jianwei - 2016

The Belt and Road initiative, recently embarked on by China, aims to improve cross-border infrastructure in order to reduce transportation costs across a massive geographical area between China and Europe. The authors estimate how much trade might be created among Belt and Road countries as a...

Persistent link: https://www.econbiz.de/10011541814

Central Asia oil and gas industry - the external powers' energy interests in Kazakhstan, Turkmenistan and Uzbekistan

Raimondi, Pier Paolo - 2019

After the Soviet breakup, Central Asia has gained importance for several States because of its geographical location and abundance of hydrocarbon reserves. These hydrocarbon reserves are located mainly in three countries: Kazakhstan, Turkmenistan and Uzbekistan. Each of them has taken different...

Persistent link: https://www.econbiz.de/10011986382

Market-based options for security of energy supply

Egenhofer, Christian; Gialoglou, Kyriakos; Luciani, Giacomo - 2004

Energy market liberalization and international economic interdependence have affected governments' ability to react to security of supply challenges. On the other side, whereas in the past security of supply was largely seen as a national responsibility, the frame of reference has increasingly...

Persistent link: https://www.econbiz.de/10011606724

Policy uncertainty and foreign direct investment : evidence from the China-Japan island dispute

Chen, Cheng; Senga, Tatsuro; Sun, Chang; Zhang, Hongyong - 2016

Can a temporary negative shock generate long-lasting effects on economic activities? To show causal evidence, we utilize data from Japanese multinational corporations (MNCs) and explore the economic impact of the unexpected escalation of an island dispute between China and Japan in 2012. Our...

Persistent link: https://www.econbiz.de/10011554377