Investor Uncertainty Judgments and Perceptions of Analyst Herding: The Role of Motivated Reasoning

Majority rules: how good are we at aggregating convergent opinions?

“…In another experiment, participants were provided with the opinions of two informants, and they were told either that the opinions had been formed independently or that one informant had seen the other's opinion before forming hers. Participants were less influenced by the second informant's opinion when this informant had seen the opinion of the first informant (Keshk 2012 ). However, this discounting was only observed when participants were motivated to disregard the informants’ opinion.…”