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

Bruce Lyons, Gordon Douglas Menzies, Daniel John Zizzo

Research output: Contribution to journalArticle

1 Citation (Scopus)

Abstract

Many important regulatory decisions are taken by professionals employing limited and conflicting evidence.We conduct an experiment in amerger 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 narrowthe range of explanations forwhy professional decision making matters.
Original languageEnglish
Pages (from-to)465-499
Number of pages35
JournalTheory and Decision
Volume73
Issue number3
DOIs
Publication statusPublished - 1 Sep 2012

Keywords

  • Belief conservation
  • Experiment
  • Merger control
  • Professionalism
  • Standard of proof
  • L33
  • L40
  • L50
  • C91

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