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Advice from Multiple Experts: A Comparison of Simultaneous, Sequential, and Hierarchical Communication

Title:

Advice from Multiple Experts: A Comparison of Simultaneous, Sequential, and Hierarchical Communication

Li, Ming (2010) Advice from Multiple Experts: A Comparison of Simultaneous, Sequential, and Hierarchical Communication. The B.E. Journal of Theoretical Economics, 10 (1). ISSN 1935-1704

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Official URL: http://dx.doi.org/10.2202/1935-1704.1490

Abstract

In this paper, I analyze an example in which two perfectly informed experts advise a decision maker. Each expert has private information about her own bias. I show that consulting two experts is better than consulting just one. I compare the efficiency of information transmission between simultaneous, sequential, and hierarchical forms of communication. I show that simultaneous communication achieves the highest efficiency, followed by sequential and hierarchical communication. However, hierarchical communication, in which a second expert chooses whether to block the first expert's message, achieves a moderate level of efficiency, even though the decision maker receives only one message. Finally, there are preference settings in which both sequential and hierarchical communication are superior to simultaneous communication.

Divisions:Concordia University > Faculty of Arts and Science > Economics
Item Type:Article
Refereed:Yes
Authors:Li, Ming
Journal or Publication:The B.E. Journal of Theoretical Economics
Date:April 2010
Digital Object Identifier (DOI):10.2202/1935-1704.1490
Keywords:expert opinions, strategic information transmission, multiple experts
ID Code:978317
Deposited By: DAVID MACAULAY
Deposited On:04 Mar 2014 16:45
Last Modified:18 Jan 2018 17:46
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