Expert Advice

Another lesson from playing fantasy football (well, more of a question really); why do we rely so much on the opinions of experts? Especially in things like fantasy sports, the stock market, job hunting, and other realms. Fantasy sports I kind of understand, I don't have the time (or inclination really) to delve into the details of every player's stats, trends, and match-ups. It's easier to see what other people think and use that analysis to guide my decision. But at the end of the day, it's all a guess anyway. We can make all kinds of arguments for what might happen, but ultimately we're using past performance to predict future performance. That's always a dicey proposition. My guess about what might happen in a game is just as good as some guy on TV. We're just making a guess about the future. He may have more information, but that doesn't make it any better. The same thing can be said about the stock market. Information galore does not guarantee a better prediction. The application of rationality to an irrational situation still results in an irrational outcome.The more irrational the situation, the more we seem to rely on "experts" to lead the way. Why?