Expert-novive judgments and new cue sets: Process versus outcome

This paper reports on an experiment that investigated the influence of a new cue set on the decision-behavior of actual expert and novice investors. Both subject groups were provided with financial cues constructed from both traditional and inflation-adjusted accounting data compiled from annual rep...

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Bibliographic Details
Published in:Journal of economic psychology 1995-12, Vol.16 (4), p.641-662
Main Author: Enis, Charles R.
Format: Article
Language:English
Subjects:
Annual reports
Decision making models
Economic models
Economic theory
Investment policy
Psychological aspects
Regression analysis
Studies
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Summary:This paper reports on an experiment that investigated the influence of a new cue set on the decision-behavior of actual expert and novice investors. Both subject groups were provided with financial cues constructed from both traditional and inflation-adjusted accounting data compiled from annual reports. The task required the subjects to make recommendations concerning the attractiveness of forty stocks from the chemical and drug industries. A regression model that controlled for predecisional influences and artifacts associated with simple decision-processes was used to analyze the data. The experts relative to the novices made recommendations that were more consistent with the normative prescription of the new cue set.
ISSN:0167-4870
1872-7719
DOI:10.1016/0167-4870(95)00029-8