do we learn more from advice or by observing the actions of others?
in a study (pdf download) that has ramifications for cpas and consultants, columbia university professor bogachan celen compares how we acquire information. he studies investors, but the dynamics are the same for many business decisions. investors often ask their friends, colleagues or experts for advice before buying a stock or investing in a mutual fund. so which tack is more productive? “the findings showed that people tend to take advice more seriously than simply watching others,†celen says. “the nature of asking for advice makes people pay closer attention, and they therefore learn faster.†that may be good advice. of course, you could wait to see what others do.