Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/162431 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Working Paper No. 228
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
We show that a one-off incentive to bias advice has a persistent effect on advisers' own actions and their future recommendations. In an experiment, advisers obtained information about a set of three differently risky investment options to advise less informed clients. The riskiest option was designed such that it is only preferred by risk-seeking individuals. When advisers are offered a bonus for recommending this option, half of them recommend it. In contrast, in a control group without the bonus only four percent recommend it. After the bonus was removed, its effect remained: In a second recommendation for the same options but without a bonus, those advisers who had previously faced it are almost six times more likely to recommend the riskiest option compared to the control group. A similar increase is found when advisers make the same choice for themselves. To explain our results we provide a theory based on advisers trying to uphold a positive self-image of being incorruptible. Maintaining a positive self-image then forces them to be consistent in the advice they give, even if it is biased.
Schlagwörter: 
advice-giving
conflict of interest
self-signaling
self-deception
JEL: 
C91
D03
D83
G11
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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