Cost of buying information

23 September 2008 |

In the Information Technology age, we have wide sources available for information that would help in decision making. A skilled user of internet will gather information free on internet and the lesser ones will seek advice from their friends or colleagues or buy information in the form of journals, magazines or library subscription.

What will you rely on when you make decisions in your company ?



Harvard Business School's Francesca Gino published a working paper, "Getting Advice from the Same Source but at a Different Cost: Do We Over weigh Information Just Because We Paid for It?"

Gino's results are based upon an experiment where subjects were asked to answer different sets of questions about American history and were provided the opportunity to receive free advice as well as costly advice—the same advice, as it turned out.

Gino's conclusion: When the advice is costly, subjects are more inclined to take it into consideration and use it. And that conclusion can have profound consequences for consumers, managers, and organizations in their decision making, she says.

Click here to read More - Interview with Sean Silverthorne


Are you going to hire Management Consultants for a business process change in your company or rely on your own employees to initiate a change ?


Regards,

Santosh Puthran

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