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Over-caution of large committees of experts

Midjord, Rune; Rodríguez Barraquer, Tomás; Valasek, Justin - 2013

We provide an explanation for why committees may behave over-cautiously. A committee of experts makes a decision on a … evidence and the best practices of the experts' common discipline, which is only indirectly related to the true state of the … dieser Innovation durch jeden Experten erfolgt auf der Grundlage dessen, was in der gemeinsamen Disziplin als allgemein …

Persistent link: https://www.econbiz.de/10010195361

The essential ranking of decision rules in small panels of experts

Karotkin, Drora; Nitsan, Shemuʾel; Paroush, Jacob - 1988

Persistent link: https://www.econbiz.de/10000783966

Why do people pay for useless advice?

Powdthavee, Nattavudh; Riyanto, Yohanes Eko - 2012

Persistent link: https://www.econbiz.de/10009554805

Credence goods, costly diagnosis, and subjective evaluation

Bester, Helmut; Dahm, Matthias - 2014

We study contracting between a consumer and an expert. The expert can invest in diagnosis to obtain a noisy signal about whether a low-cost service is sufficient or whether a high-cost treatment is required to solve the consumerś problem. This involves moral hazard because diagnosis effort and...

Persistent link: https://www.econbiz.de/10010429934

First impressions matter : signalling as a source of policy dynamics

Hansen, Stephen; McMahon, Michael - 2011

Persistent link: https://www.econbiz.de/10009298215

Can a bonus overcome moral hazard? : an experiment on voluntary payments, competition, and reputation in markets for expert services

Angelova, Vera; Regner, Tobias - 2017

Interactions between players with private information and opposed interests are often prone to bad advice and inefficient outcomes, e.g. markets for financial or health care services. In a deception game we investigate experimentally which factors could improve advice quality. Besides advisor...

Persistent link: https://www.econbiz.de/10011697162

Algorithmic advice as a credence good

Biermann, Jan; Horton, John J.; Walter, Johannes - 2022

Actors in various settings have been increasingly relying on algorithmic tools to support their decision-making. Much of the public debate concerning algorithms - especially the associated regulation of new technologies - rests on the assumption that humans can assess the quality of algorithms....

Persistent link: https://www.econbiz.de/10013499021

In vi(vi)no veritas? : expertise, review accuracy and reputation inflation

Janßen, Rebecca; Ribar, Matthew K. - 2024

Review systems including quantitative measures as well as text-based expression of experiences are omnipresent in today’s digital platform economy. This paper studies the existence of reputation inflation, i.e. unjustified increases in ratings, with a special focus of heterogeneity between...

Persistent link: https://www.econbiz.de/10014473251

The behaviour of the MPC : gradualism, inaction and individual voting patterns

Groth, Charlotta (contributor); Wheeler, Tracy (contributor) - 2008

We evaluate the degree of gradualism and inaction in UK monetary policy over the Monetary Policy Committee (MPC) period (1997-2007) at the quarterly and the monthly frequency. After accounting for misspecification in standard Taylor rules, we find little evidence for gradualism. A measure of...

Persistent link: https://www.econbiz.de/10003642073

Insiders versus outsiders in monetary policy-making

Besley, Timothy (contributor); Meads, Neil (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003603904