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
Preview |
Text (application/pdf)
261kBLi2010Advice.pdf - Published Version Available under License Spectrum Terms of Access. |
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 |
Repository Staff Only: item control page


Download Statistics
Download Statistics