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Taking financial advice: Going beyond making good decisions
Taking financial advice: Going beyond making good decisions
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Alternative title
Authors
Zaleśkiewicz, Tomasz
Agata Gasiorowska
Monograph
Handbook of research methods in behavioural economics
Monograph (alternative title)
Editor
Altman, Morris
Date
2023-03-17
Place of publication
Publisher
Edward Elgar Publishing
Journal title
Handbook of Research Methods in Behavioural Economics
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226–241
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9781839107948
9781839107931
9781839107931
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Abstract PL
Abstract EN
When making financial decisions concerning money management, people often use recommendations from professional advisors. Turning to experts who know better and relying on their knowledge, skills or competence may increase the likelihood of achieving beneficial decision outcomes. However, as we propose in the present chapter, both searching for professional recommendations, and evaluating the quality of the source of expertise, may sometimes go beyond the need to make only optimal decisions, and can be driven by motivations that are independent of accuracy. In particular, we argue that when people are confronted with a necessity to evaluate the quality of a certain expert, they use their own beliefs as a reference point, and tend to depreciate recommendations which are at odds with those beliefs. In other words, our idea, supported by the results of a series of studies, points to the psychological role of the confirmation effect when taking advice. The present chapter shows that taking financial advice may fulfil psychological needs that go beyond simply searching for professional support and that are associated with the protection of the advisee’s sense of self-worth.
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Keywords PL
Keywords EN
financial advice
decision-making
confirmation effect
self-esteem
bias blind spot
decision-making
confirmation effect
self-esteem
bias blind spot
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Instytut Psychologii
Wydział Psychologii we Wrocławiu
Wydział Psychologii we Wrocławiu
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26Acquisition Date4.04.2025
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5Acquisition Date4.04.2025