A model of expertise

被引:243
作者
Krishna, V [1 ]
Morgan, J
机构
[1] Penn State Univ, University Pk, PA 16802 USA
[2] Princeton Univ, Princeton, NJ 08544 USA
基金
美国国家科学基金会;
关键词
D O I
10.1162/00335530151144159
中图分类号
F [经济];
学科分类号
02 ;
摘要
We study a model in which perfectly informed experts offer advice to a decision maker whose actions affect the welfare of all. Experts are biased and thus may wish to pull the decision maker in different directions and to different degrees. When the decision maker consults only a single expert, the expert withholds substantial information from the decision maker. We ask whether this situation is improved by having the decision maker sequentially consult two experts. We first show that there is no perfect Bayesian equilibrium in which full revelation occurs. When both experts are biased in the same direction, it is never beneficial to consult both. In contrast, when experts are biased in opposite directions, it is always beneficial to consult both. Indeed, in this case full revelation may be induced in an extended debate by introducing the possibility of rebuttal.
引用
收藏
页码:747 / 775
页数:29
相关论文
共 18 条
[11]  
KRISHNA V, 2001, IN PRESS AM POLITICA
[12]   REFINING CHEAP-TALK EQUILIBRIA [J].
MATTHEWS, SA ;
OKUNOFUJIWARA, M ;
POSTLEWAITE, A .
JOURNAL OF ECONOMIC THEORY, 1991, 55 (02) :247-273
[13]  
MILGROM P, 1986, RAND J ECON, V17, P350
[14]  
MORGAN J, 1998, UNPUB ANAL STOCK REC
[15]  
MORRIS S, 2001, IN PRESS J POLITICAL
[16]  
OTTAVIANI M, 1997, UNPUB INFORMATION AG
[17]   THE BURDEN OF PROOF IN A GAME OF PERSUASION [J].
SHIN, HS .
JOURNAL OF ECONOMIC THEORY, 1994, 64 (01) :253-264
[18]   A THEORY OF CREDIBILITY [J].
SOBEL, J .
REVIEW OF ECONOMIC STUDIES, 1985, 52 (04) :557-573