Jordi Brandts and colleagues at the Autonomous University of - TopicsExpress

Jordi Brandts and colleagues at the Autonomous University of Barcelona got a group of students to guess the outcome of five coin tosses. They then asked other students to bet on who of the first group could best predict future coin tosses. They found that 82% of students were willing to pay to back the individual who had been most successful in predicting the first five tosses. This is consistent with other experiments by Nick Powdthavee and Yohanes Riyanto, who conclude that an average person is often happy to pay for what could only be described as transparently useless advice.

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