Orientierungsprozesse im Vertrauensdilemma. Beziehungskonstruktionen in Beratungen zur privaten Altersvorsorge

Financial advice given by consultants is crucial for retirement saving decisions. We argue that those willing to save are facing a dilemma since there is a widespread mistrust towards the financial industry while financial advice is indispensable for coping with complexity in the decision process. Exploring the case of the state-subsidized Riester-pension in Germany, we show that savers construct personal relationships with the advisor to deal with this complex dilemma in terms of theories on trust. Using a mixed-method design embracing both quantitative techniques—cross-sectional as well as longitudinal (fixed-effects) approaches—and qualitative evidence, we shed new light on old age saving decisions. In detail, the exploitation of longitudinal surveys (of GSOEP and the German SAVE Panel 2004–2010) and of 18 problem-centred interviews provides the following findings: (1) Retirement saving decisions often rely on pre-existing relationships to financial advisors. (2) The less alternative resources available, the more savers rely on these relationships. (3) Financial advisors use their existing relationships to sell pensions. (4) The qualitative material unveils different patterns concerning the decision-making process which are trusteeship, strategic alliance, and acceptable ad-hoc collaboration. Altogether, the widespread idea of private retirement saving resulting from an atomistic and rational planning of the future is an illusion.     

Demonstrability,difficulty and persuasion: An experimental study of advice taking

Self-interested paid advisors should try to sell their solutions no matter how they came about. However, we present evidence that advisor persuasiveness depends on two dimensions of their prior problem solving: solution difficulty and demonstrability. We report a laboratory experiment with repeated advisor-client interactions where both these dimensions are independently varied. Persuasion rises in solution demonstrability and falls in difficulty. The reason is non-optimising behaviour: Advisors lacking in confidence fail to conceal difficult problem solving and those receiving their advice baulk when the proposed solution lacks objective success criteria irrespective of its promise. Our findings suggest differential prospects for persuasion and selling of different kinds of products, services and ideas.     

Norms,status and the dynamics of advice networks: A case study

The issue of the influence of norms on behavior is as old as sociology itself. This paper explores the effect of normative homophily (i.e. “sharing the same normative choices”) on the evolution of the advice network among lay judges in a courthouse. 0020 and 0025 social exchange theory suggests that members select advisors based on the status of the advisor. Additional research shows that members of an organization use similarities with others in ascribed, achieved or inherited characteristics, as well as other kinds of ties, to mitigate the potentially negative effects of this strong status rule. We elaborate and test these theories using data on advisor choice in the Commercial Court of Paris. We use a jurisprudential case about unfair competition (material and “moral” damages), a case that we submitted to all the judges of this court, to test the effect of normative homophily on the selection of advisors, controlling for status effects. Normative homophily is measured by the extent to which two judges are equally “punitive” in awarding damages to plaintiffs. Statistical analyses combine longitudinal advice network data collected among the judges with their normative dispositions. Contrary to what could be expected from conventional sociological theories, we find no pure effect of normative homophily on the choice of advisors. In this case, therefore, sharing the same norms and values does not have, by itself, a mitigating effect and does not contribute to the evolution of the network. We argue that status effects, conformity and alignments on positions of opinion leaders in controversies still provide the best insights into the relationship between norms, structure and behavior.     

Embedded counselling in advisory work with clients in debt

This article addresses the potential for embedded counselling in social work with clients in debt. It is based on experiences from Sweden where budget and debt advisors employed by the municipalities give assistance to clients in financial difficulties. A distinction is made between advice and guidance on the one hand and counselling on the other. As the financial problems often have been long lasting, it is not enough with one-time advice that the client hopefully then follows. The purpose of the article, thus, is to explore the possibilities of incorporating counselling in the role of the advisor.     

Effects of competition on collective learning in advice networks

This paper looks at the effect of identifying alters as direct competitors on their selection as advisors. We differentiate between two kinds of competition: cut-throat vs friendly. We argue that, unlike cut-throat competition, friendly competition makes collective learning possible as a social process: when knowledge is built in interactions that are able to mitigate the negative effects of status competition and take place in homophilous social niches; and when the quality of this knowledge is guaranteed by members with epistemic status in these niches. Social niches and status facilitate advice seeking and collective learning because advice seeking between direct competitors is not obvious even when members have a common interest in sharing advice – a learning-related dilemma of collective action. We apply this reasoning to a network dataset combining identification of direct competitors and selection of advisors among the elite of cancer researchers in France. We use a procedure of multiplex stochastic block-modeling designed by Barbillon et al. (2015) to measure the effect of these identifications of direct competitors on the structure of the advice network. Results obtained with this dataset support our theory.     

FISHES, PONDS, AND PRODUCTIVITY: STUDENT-ADVISOR MATCHING AND EARLY CAREER PUBLISHING SUCCESS FOR ECONOMICS PHDS

We examine a unique data set containing information on a PhD recipient's dissertation advisor, graduate program, and early career publishing success. Regressions controlling for the ranking of both the student's graduate program and dissertation advisor confirm that, all else equal, students working with prominent advisors are significantly more likely to publish in their early careers, especially in top 36 journals, than students working with less prominent advisors. Moreover, predicted publication values suggest that students attending lower ranked programs but working with superstar faculty publish both more total and top 36 articles and more quality-adjusted pages than students attending top-ranked programs but working with less prominent advisors . ( JEL J24, A11, A23)     

Utilization of Advice from Face-to-Face and Internet-Mediated Advisors

Advice is increasingly sought and shared online, but advisory professionals debate the utility of such methods. Variations in recipients' perceptions of elements of traditional face-to-face (FTF) advice and Internet-mediated (IM) advice may influence its utilization. The present research investigated whether communication format (FTF vs. IM) and an advisor's level of expertise influence perceptions and utilization of advice. Participants played 30 rounds of a prisoner's dilemma game after receiving advice about the best strategy. There was a significant tendency for advice to be followed, but the advice format and advisor expertise had no significant influence on advice utilization and only minor influences on self-reported perceptions of the advice and the advisor. This has worrying implications, and could indicate a lack of critical awareness of advisors' expertise when deciding whether to follow advice or not. Implications for the professional advice field and further research possibilities are discussed.     

The Social Role of the Foreign Advisor: Notes from the Field

Abstract

This paper examines the social role of the foreign advisor. Drawing on the experience of foreign advisors in Thailand, the case of the professional from a Western, industrialized nation serving as an expert consultant in a less developed country is considered in detail. Special attention is paid to the impact of being foreign and being an advisor in the less developed world.     

The Impact of Cross-Race Mentoring for “Ideal” PhD Careers in Sociology

This article reports the results of a study of the impact of two kinds of mentoring, as in individual, instrumental mentoring by white male advisors versus supportive/communal, homophilous (same race/ethnicity) mentoring on the likelihood of minority scholars having an “ideal” or “archetypal” career trajectory when compared to two other control groups. Using unobtrusive data, we test a series of hypotheses concerning the likelihood of attaining selected aspects of an “ideal” career including employment at a research-extensive institution, scholarly publications, tenure, grants, and disciplinary recognition. We find that having a white male instrumental advisor increases the likelihood of having an “ideal” career for participants in the American Sociological Association's (ASA) national pre-doctoral Minority Fellowship Program (MFP) who have the advantage of having access to both types of mentoring when compared to a random group of largely white PhDs.     

Good habits and bad habits: A new age socio-economic model of preference formation

In contrast to neoclassical economics which generally takes consumer preferences as given, the model developed here explains how a person's preferences for consumer goods change over time and may change for the better or worse. This is a four self model. The four selves correspond to four types of preferences: actual preferences, metapreferences, true preferences, and unrestrained preferences. An individual's initial actual preferences reflecting one's investment in consumption capital are likely to change to the extent that they differ either from ones metapreferences or one's unrestrained preferences. Temptations from the latter could lead to a deterioration of actual preferences. Or the intrapsychic stress that occurs when metapreferences are significantly out of synch with actual preferences could lead to improved actual preferences. A person's actual preferences improve when they change toward true preferences, the unique set of preferences that represent what is really and truly the best for that person.     

Reflections on engaging with an advisory network in the context of a ‘sensitive’ research study

This article surfaces issues about the often-used but widely under-reported practice of working with advisory fora. We critically reflect on our experiences working with an advisory network when co-designing a research study about a ‘sensitive’ subject. We discuss the following: 1) How the network evolved as a matter of ethical and pragmatic choices; 2) Potential issues when discussing sensitive issues ‘outside’ of the participatory or participant context; and 3) Practical and epistemic issues involved in (not) ‘taking’ advice. We suggest that although sensitive research is more conventionally aligned with more ‘radical’ forms of participatory practice, advisory networks can present a useful and sometimes more appropriate form of inclusion and engagement for some advisors and for some types of research study. The article should, therefore, be of interest to a wide range of academic and practice-based health and social care staff and, in particular, those who plan to use advisory fora in their work.     

If you do not know who knows what: Advice seeking under changing conditions of uncertainty after an acquisition

In this study we develop a model to explain the dynamics of advice seeking after an acquisition. We build on a theory of advice seeking that draws from prospect theory and expectancy theory. We theorize that immediately after an acquisition there is uncertainty about who knows what, but over time individuals become more aware of the expertise within the organization and they change their advice networks based upon this increased awareness. Our model examines four micro-processes of advice seeking: reciprocity, preferential attachment, transitivity, and legacy-firm tie preferences. To test our hypotheses we use post-acquisition data over four time periods in a recruitment consulting firm. Our longitudinal analysis uses a stochastic actor-orientated model and our results indicate that immediately after the acquisition individuals have a tendency to seek advice based upon reciprocity and preferential attachment. However, over time these tendencies diminish. Surprisingly, transitivity does not play a significant role, which suggests that other micro-processes such as reciprocity are dominant. In addition, individuals in the acquired firm have a tendency to make more ties and there is a preference for same firm ties in both legacy firms, with the tendency being higher in the acquired firm. Our findings add to theories on the process of advice seeking under conditions of uncertainty, on knowledge transfer processes in mergers and acquisitions, and the knowledge based view of the firm.     

Defining and organizing self-advocate centered groups: implications of survey research on self-advocacy groups in Japan

Ideally group members who have intellectual disabilities should have power in their self-advocacy groups, leading to groups that can be considered 'self-advocate centered.' Currently, not all self-advocacy groups can be considered self-advocate centered because group advisors have an overwhelming influence on group decisions. This article assumes that establishing self-advocacy groups in which members truly control the agenda and make key decisions is one of the most effective methods to empower people with intellectual disabilities. This study identifies factors useful in identifying 'self-advocate centered' groups, and especially focuses on the relationship between self-advocates and advisors. It is based on a quantitative research project conducted in Japan. According to the results of the research, though relational transformation between self-advocates and advisors was commonly seen in many self-advocacy groups, conflicts between them were scarcely observed. The meaning of relational transformation without conflicts is considered, along with the concepts of independence and interdependence.     

The replacement principle in economies with indivisible goods

 We consider the problem of allocating a list of indivisible goods and some amount of an infinitely divisible good among agents with equal rights on these resources, and investigate the implications of the following requirement on allocation rules: when the preferences of some of the agents change, all agents whose preferences are fixed should (weakly) gain, or they should all (weakly) lose. This condition is an application of a general principle of solidarity discussed in Thomson (1990b) under the name “replacement principle”. We look for selections from the no-envy solution satisfying this property. We show that in the general case, when the number of objects is arbitrary, there is no such selection. However, in the one-object case (a single prize), up to Pareto-indifference, there is only one selection from the no-envy solution satisfying the property. Such a solution always selects an envy-free allocation at which the winner of the prize is indifferent between his bundle and the losers’ common bundle. Received: 15 May 1995 / Accepted: 5 June 1996     

Confidence in preferences

Indeterminate preferences have long been a tricky subject for choice theory. One reason for which preferences may be less than fully determinate is the lack of confidence in one’s preferences. In this paper, a representation of confidence in preferences is proposed. It is used to develop and axiomatise an account of the role of confidence in choice which rests on the following intuition: the more important the decision to be taken, the more confidence is required in the preferences needed to take it. This theory provides a natural account of when an agent should defer a decision; namely, when the importance of the decision exceeds his confidence in the relevant preferences. Possible applications of the notion of confidence in preferences to social choice are briefly explored.     

Aggregation of fuzzy preferences: Some rules of the mean

This paper studies by means of reciprocal fuzzy binary relations the aggregation of preferences when individuals show their preferences gradually. We have characterized neutral aggregation rules through functions from powers of the unit interval in the unit interval. Furthermore, we have determined the neutral aggregation rules that are decomposable and anonymous. In this class of rules, the collective intensity of preference is the arithmetic mean of the values assigned by a function to the individual intensities of preference. We have also considered the neutral aggregation rules based on quasiarithmetic means. We have established that this class of rules generalizes the simple majority, when individuals have ordinary preferences and collective preferences are reciprocal. Received: 23 April 1999/Accepted: 25 September 1999     

The interplay between formal project memberships and informal advice seeking in knowledge-intensive firms: A multilevel network approach

In this study we investigate the interplay between knowledge workers’ formal project team memberships and their informal interactions from a multilevel network perspective. Conceptualizing knowledge workers’ affiliation with project teams as a membership network and their interactions as an advice network, we discuss how shared project team memberships as well as multiple memberships influence patterns of informal exchange in knowledge-intensive organizations. To empirically determine the impact of formal organization on informal exchange we apply exponential random graph models for multilevel networks to relational data collected on 434 R&D employees working on 218 project teams in a high-tech firm in Germany. Our results show that employees sharing project memberships create advice ties to each other but do not exchange advice reciprocally. In addition, we find a negative relationship between having a high number of project memberships and informally seeking or providing advice.     

Scientific advice and public policy: expert advisers’ and policymakers’ discourses on boundary work

This article reports on considerable variety and diversity among discourses on their own jobs of boundary workers of several major Dutch institutes for science-based policy advice. Except for enlightenment, all types of boundary arrangements/work in the Wittrock-typology (Social knowledge and public policy: eight models of interaction. In: Wagner P (ed) Social sciences and modern states: national experiences and theoretical crossroads. Cambridge University Press, Cambridge, 1991) do occur. ‘Divergers’ experience a gap between science and politics/policymaking; and it is their self-evident task to act as a bridge. They spread over four discourses: ‘rational facilitators’, ‘knowledge brokers’, ‘megapolicy strategists’, and ‘policy analysts’. Others aspire to ‘convergence’; they believe science and politics ought to be natural allies in preparing collective decisions. But ‘policy advisors’ excepted, ‘postnormalists’ and ‘deliberative proceduralists’ find this very hard to achieve.     

Sophisticated voting rules: the case of two tournaments

A voting rule maps voter preferences into outcomes, and is called sophisticated if there exists a voting tree whose sophisticated outcomes coincide with the voting rule for every voter preference. As yet, no complete characterization of such rules is available. In this paper, we provide an important step toward this characterization by completely solving the problem when there are two possible sets of voter preferences.The second author was supported by the Office of Naval Research, Grant N00014-92-J-1387.     

The Value of Seeking Financial Advice

Retirement planning data gathered from an online survey at a large university in October 2009 are used to examine differences in a variety of retirement planning measures between people who have and have not met with a financial advisor. Problems of self-selection and endogeneity are addressed through the use of propensity scores. The study’s major finding is that working with an advisor is related to several important financial planning activities, including goal setting, calculation of retirement needs, retirement account diversification, use of supplemental retirement accounts, accumulation of emergency funds, positive behavioral responses to the recent economic crisis, and retirement confidence. Use of a financial advisor was not related to self-reported retirement savings or short-term growth in retirement account asset values.