Valuing Algorithms Over Experts : Evidence from a Stock Price Forecasting Experiment

Material type: 文書・図像類

Author: Hanaki, Nobuyukiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2024-12

Material Format: Paper

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Note (General)：: This study examined participants’ willingness to pay for stock price forecasts provided by an algorithm, financial experts, and peers. Participants va...

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Paper

Material Type: 文書・図像類
Title: Valuing Algorithms Over Experts : Evidence from a Stock Price Forecasting Experiment
Author/Editor: Hanaki, Nobuyuki
Mao, Bolin
Tse, Tiffany Tsz Kwan
Zhou, Wenxin
Author Heading: Hanaki, Nobuyuki
https://nrid.nii.ac.jp/nrid/1000070400611
Mao, Bolin
Tse, Tiffany Tsz Kwan
Zhou, Wenxin
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2024-12
Publication Date (W3CDTF): 2024-12
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1268
Volume: 1268
Pages: 1-41
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: algorithms
Becker–DeGroot–Marschak mechanism
experts
financial market
forecasting
Target Audience: 一般
Note (General): This study examined participants’ willingness to pay for stock price forecasts provided by an algorithm, financial experts, and peers. Participants valued algorithmic advice more highly and relied on it as much as expert advice. This preference for algorithms – despite their similar or even lower performance – suggests a shift in perception, particularly among students, toward viewing AI as a reliable and valuable source. However, this “algorithm appreciation” reduced participants’ payoffs, as they overpaid for advice that did not sufficiently enhance performance. These findings underscore the need to develop tools and policies that enable individuals to better assess algorithm performance.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2024/DP1268.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華