Comments on: "Expert" But Bad Financial Advice Turns Off Decision-Making in the Brain

By: Edward Stinehour

Edward Stinehour — Sun, 24 Jul 2011 00:04:36 +0000

Hey I wanted to get this out!

By: bims

bims — Tue, 28 Jun 2011 20:28:54 +0000

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By: Rob

Rob — Thu, 17 Sep 2009 14:40:30 +0000

I’d like to see if people or at least some percent of people shut off their brains when “expert” politicians, reporters, or teachers present information and advice.

By: Brian

Brian — Sat, 05 Sep 2009 00:24:16 +0000

Perhaps the problem (between the 2 studies) is the participants acceptance of the “expert”?

In Berns’ study, the advice was clearly labelled as coming from an economics expert. In Gilbert’s study the advice was merely coming from a source with that prior experience. There was no prestige title or respect paid to the source person in other words.

In that kind of situation, I know I’d think, “well, that’s just another opinion from an ordinary person like me”. In other words it’s a source that’s a peer to me. That makes my opinion as valid as theirs and maybe more so (because I know me and they don’t).

I understand that the study is taking issue with that logic, but that’s how I’d think of it.

By: Christina Viering

Christina Viering — Wed, 08 Jul 2009 03:15:45 +0000

I can relate.

By: Bill Levistein

Bill Levistein — Sun, 29 Mar 2009 19:35:49 +0000

i am an expert, so if i tell myself advice, then does my brain shut off too?

By: Ergo Sum

Ergo Sum — Sun, 29 Mar 2009 09:19:11 +0000

Investers need to realize how poor the so called experts are! Virtually none do better than the index funds which automatically follow the stock index.

By: rRootagea

rRootagea — Fri, 27 Mar 2009 16:31:04 +0000

if you believe yourself to be an expert, then you’ll find yourself using more heurestics and pattern recognition but with an excess of self-confidence?