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Conflicting evidence and decisions by agency professionals: an experimental test in the context of merger regulation

Lookup NU author(s): Professor Daniel ZizzoORCiD

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Abstract

Many important regulatory decisions are taken by professionals employing limited and conflicting evidence. We conduct an experiment in a merger regulation setting, identifying the role of different standards of proof, volumes of evidence, cost of error and professional or lay decision making. The experiment was conducted on current practitioners from 11 different jurisdictions, in addition to student subjects. Legal standards of proof significantly affect decisions. There are specific differences because of professional judgment, including in how error costs and volume of evidence are taken into account. We narrow the range of explanations for why professional decision making matters.

Publication metadata

Author(s): Lyons B, Menzies GD, Zizzo DJ

Publication type: Article

Publication status: Published

Journal: Theory and Decision

Year: 2012

Volume: 73

Issue: 3

Pages: 465-499

Print publication date: 01/09/2012

Online publication date: 18/06/2011

ISSN (print): 0040-5833

ISSN (electronic): 1573-7187

Publisher: Springer US

URL: http://dx.doi.org/10.1007/s11238-011-9258-3

DOI: 10.1007/s11238-011-9258-3

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