Yaw Nyarko, Andrew Schotter, and Barry Sopher
Economic Theory, Vol. 29, Issue 2, 433-452.
On the Informational Content of Advice: A Theoretical and Experimental Study
This paper examines the market for advice and the underlying perception that advice is useful and informative. We do this by first providing a theoretical examination of the informational content of advice and then by setting up a series of experimental markets where this advice is sold. In these markets we provide bidders with a demographic profile of the “experts” offering advice . . .