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Advice taking when the stakes are high: Evidence from a game show

Published online by Cambridge University Press:  21 November 2024

Erik Løhre*
Affiliation:
Department of Leadership and Organizational Behaviour, BI Norwegian Business School, Oslo, Norway
Torleif Halkjelsvik
Affiliation:
Department of IT Management, Simula Metropolitan Center for Digital Engineering, Oslo, Norway
*
Corresponding author: Erik Løhre; Email: erik.lohre@gmail.com
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Abstract

Research on advice taking has demonstrated a phenomenon of egocentric discounting: people weight their own estimates more than advice from others. However, this research is mostly conducted in highly controlled lab settings with low or no stakes. We used unique data from a game show on Norwegian television to investigate advice taking in a high stakes and highly public setting. Parallel to the standard procedure in judge–advisor systems studies, contestants give numerical estimates for several tasks and solicit advice (another estimate) from three different sources during the game. The average weight of advice was 0.58, indicating that contestants weighted advice more than their own estimates. Of potential predictors of weight of advice, we did not detect associations with the use of intuition (e.g., gut feeling, guessing) and advice source (family, celebrities, average of viewers from hometown), but own estimation success (the proportion of previous rounds won) was associated with less weight of advice. Solicitation of advice was associated with higher stakes. Together with the relatively high weight on advice, this suggests that participants considered the advice valuable. On average, estimates did not improve much after advice taking, and the potential for improvement by averaging estimates and advice was negligible. We discuss different factors that could contribute to these findings, including stakes, solicited versus unsolicited advice, task difficulty, and high public scrutiny. The results suggest that highly controlled lab studies may not give an accurate representation of advice taking in high stakes and highly public settings.

Information

Type
Empirical Article
Creative Commons
Creative Common License - CCCreative Common License - BY
This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (http://creativecommons.org/licenses/by/4.0), which permits unrestricted re-use, distribution and reproduction, provided the original article is properly cited.
Copyright
© The Author(s), 2024. Published by Cambridge University Press on behalf of Society for Judgment and Decision Making and European Association of Decision Making
Figure 0

Table 1 Number of wins according to question number for seasons 2–5

Figure 1

Figure 1 Distributions and associations between actual outcomes and estimates.

Figure 2

Table 2 Advice solicitation in seasons 2–5, according to question number

Figure 3

Figure 2 Distribution of weight of advice.

Figure 4

Table 3 Weight of advice according to three sources of advice for seasons 2–5

Figure 5

Table 4 How different strategies for weighting of advice would have affected estimation error, number of rounds won, average amount at stake, and average amount won [95% CI]

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Løhre and Halkjelsvik supplementary material

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