Cultural Values Guide Consumers’ Deference to Experts

Johnson, Samuel G. B.; Rodrigues, Max; Tuckett, David

doi:10.2139/ssrn.3214001

Cited by 2 publications

(1 citation statement)

References 34 publications

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“…That is, politically left participants would eagerly invest in oil companies if endorsed by a liberal analyst, and politically right participants would seize on the opportunity to invest in electric cars if endorsed by a conservative analyst. Source information is equally critical in guiding consumers' decisions about products, including cultural products such as books as well as seemingly apolitical products such as blenders (Johnson, Rodrigues, & Tuckett, 2018b). Thus, stories are likeliest to be adopted when they come from a trusted source.…”

Section: Storiesmentioning

confidence: 99%

Toward a Cognitive Science of Markets: Economic Agents As Sense-Makers

Johnson

2018

SSRN Journal

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Section: Storiesmentioning

confidence: 99%

Toward a Cognitive Science of Markets: Economic Agents As Sense-Makers

Johnson

2018

SSRN Journal

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Toward a cognitive science of markets: economic agents as sense-makers

Johnson

2019

Economics

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Behavioral economics aspires to replace the agents of neoclassical economics with living, breathing human beings. Here, the author argues that behavioral economics, like its neoclassical counterpart, often neglects the role of active sense-making that motivates and guides much human behavior. The author reviews what is known about the cognitive science of sense-making, describing three kinds of cognitive tools-hypothesis-inference heuristics, stories, and intuitive theories-that people use to structure and understand information. He illustrates how these ideas from cognitive science can illuminate puzzles in economics, such as decision under Knightian uncertainty, the dynamics of economic (in)stability, and the voters' preferences over economic policies. He concludes that cognitive science more broadly can enhance the explanatory and predictive quality of behavioral economic theories.

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Cultural Values Guide Consumers’ Deference to Experts

Cited by 2 publications

References 34 publications

Toward a Cognitive Science of Markets: Economic Agents As Sense-Makers

Toward a Cognitive Science of Markets: Economic Agents As Sense-Makers

Toward a cognitive science of markets: economic agents as sense-makers

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