Individual Judgment and Trust Formation: An Experimental Investigation of Online Financial Advice

Agnew, JR; Bateman, H; Eckert, C; Iskhakov, F; Louviere, JJ; Thorp, S

Individual Judgment and Trust Formation: An Experimental Investigation of Online Financial Advice

Agnew, JR Bateman, H Eckert, C

Iskhakov, F Louviere, JJ Thorp, S

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Publication Type:: Journal Article
Citation:: UNSW Australian School of Business Research Paper, 2014, (2013), pp. 1 - 37
Issue Date:: 2014-06-22

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Field	Value	Language
dc.contributor.author	Agnew, JR	en_US
dc.contributor.author	Bateman, H	en_US
dc.contributor.author	Eckert, C https://orcid.org/0000-0002-8573-6978	en_US
dc.contributor.author	Iskhakov, F	en_US
dc.contributor.author	Louviere, JJ	en_US
dc.contributor.author	Thorp, S	en_US
dc.date.issued	2014-06-22	en_US
dc.identifier.citation	UNSW Australian School of Business Research Paper, 2014, (2013), pp. 1 - 37	en_US
dc.identifier.uri	http://hdl.handle.net/10453/116108
dc.description.abstract	Using an online incentivized discrete choice experiment, we study how well individuals judge financial advice and whether factors other than advice quality influence their evaluations. We find evidence that some individuals rely on extraneous signals to judge advice quality and observe some persistency in adviser choice over time. Our results also explain how some advisers can maintain trustworthy reputations despite giving bad advice. Finally, we explore whether individuals learn throughout the experiment. Our findings have several public policy implications that are discussed in the conclusion.	en_US
dc.relation.ispartof	UNSW Australian School of Business Research Paper	en_US
dc.relation.isbasedon	10.2139/ssrn.2369620	en_US
dc.title	Individual Judgment and Trust Formation: An Experimental Investigation of Online Financial Advice	en_US
dc.type	Journal Article
utslib.citation.volume	2013	en_US
utslib.for	150504 Marketing Measurement	en_US
utslib.for	150507 Pricing (incl. Consumer Value Estimation)	en_US
utslib.for	150505 Marketing Research Methodology	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Marketing Discipline
pubs.organisational-group	/University of Technology Sydney/Strength - CENSOC - Study of Choice
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	2013	en_US
pubs.publication-status	Published online	en_US

Abstract:

Using an online incentivized discrete choice experiment, we study how well individuals judge financial advice and whether factors other than advice quality influence their evaluations. We find evidence that some individuals rely on extraneous signals to judge advice quality and observe some persistency in adviser choice over time. Our results also explain how some advisers can maintain trustworthy reputations despite giving bad advice. Finally, we explore whether individuals learn throughout the experiment. Our findings have several public policy implications that are discussed in the conclusion.

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http://hdl.handle.net/10453/116108