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2 février 2024
- handle: 10670/1.z5x9py
- halshs: halshs-04453028
http://creativecommons.org/licenses/by-sa/ , info:eu-repo/semantics/OpenAccess
Mots-clés
decreasing differences expert advice chess control C - Mathematical and Quantitative Methods/C.C7 - Game Theory and Bargaining Theory/C.C7.C78 - Bargaining Theory • Matching Theory C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments/C.C9.C91 - Laboratory, Individual Behavior C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments/C.C9.C93 - Field Experiments D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D91 - Intertemporal Household Choice • Life Cycle Models and Saving J - Labor and Demographic Economics/J.J2 - Demand and Supply of Labor/J.J2.J24 - Human Capital • Skills • Occupational Choice • Labor Productivity O - Economic Development, Innovation, Technological Change, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights/O.O3.O33 - Technological Change: Choices and Consequences • Diffusion ProcessesCiter ce document
Elias Bouacida et al., « Decreasing Differences in Expert Advice: Evidence from Chess Players », HAL-SHS : économie et finance, ID : 10670/1.z5x9py
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Résumé
We study the impact of external advice on the relative performance of chess players. We asked players in chess tournaments to evaluate positions in past games and allowed them to revise their evaluation following advice from a high or a low ability player. While our data confirms the theoretical prediction that high-quality advice has the potential to act as a ``great equalizer,'' reducing the difference between high and low ability players, this is not what happens in practice. This is in part because our subjects ignore too much of the advice they receive, but also because low ability players pay -- either due to overconfidence or intrinsic preference -- a higher premium than high ability ones by following their initial idea instead of high-quality advice.