Decision rules for experts with opposing interests

Arbeitspapier

This paper studies optimal decision rules for a decision maker who can consult two experts in an environment without monetary payments. This extends the previous work by Holmström (1984) and Alonso and Matouschek (2008) who consider environments with one expert. In order to derive optimal decision rules, we prove a constant-threat result that states that any out-of-equilibrium pair of recommendations by the experts are punished with an action that is independent of their reports. A particular property of an optimal decision rule is that it is simple and constant for a large set of experts' preferences and distribution of their private information. Hence, it is robust in the sense that it is not affected by errors in specifying these features of the environment. By contrast, the constructions of optimal outcomes absent commitment or with only one expert are sensitive to model details.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. 674

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Noncooperative Games ; Asymmetric and Private Information; Mechanism Design ; Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
• Thema: communication ; information ; noise ; experts ; constant threat ; Entscheidungstheorie ; Informationsverhalten ; Entscheidung bei Unsicherheit

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Mylovanov, Tymofiy ; Zapechelnyuk, Andriy
• Ereignis: Veröffentlichung
• (wer): Queen Mary University of London, School of Economics and Finance
• (wo): London
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/55169
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ