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Biased Experts, Costly Lies, and Binary Decisions
Hodler, Roland; Loertscher, Simon; Rohner, Dominic - 2010
Decision makers lacking crucial specialist know-how often consult with better informed but biased experts. In our model …, and to situations with multiple experts and uncertainty about the size of the expert's bias. …
Persistent link: https://www.econbiz.de/10011430094
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Sequential Aggregation of Verifiable Information
Hahn, Volker - 2010
We introduce the notion of verifiable information into a model of sequential debate among experts who are motivated by … career concerns. We show that self-censorship may hamper the efficiency of information aggregation, as experts withhold … phenomenon, and the probability of the correct state of the world being revealed always converges to one as the group of experts …
Persistent link: https://www.econbiz.de/10011753200
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Nicht nur mit Ökonomen ist Staat zu machen: Kommentar
Wagner, Gert G. - In: DIW Wochenbericht 76 (2009) 49, pp. 870
Persistent link: https://www.econbiz.de/10011602104
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First Author Determinants: An Empirical Analysis
van Praag, Mirjam; van Praag, Bernard M.S. - 2006
Alphabetic name ordering on multi-authored academic papers_new, which is the convention in theeconomics discipline and various other disciplines, is to the advantage of people whose lastname initials are placed early in the alphabet. As it turns out, Professor A, who has been afirst author more...
Persistent link: https://www.econbiz.de/10010324749
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The Benefits of Being Economics Professor A (and not Z)
van Praag, C. Mirjam; van Praag, Bernard M.S. - 2007
Alphabetic name ordering on multi-authored academic papers_new, which is the convention in theeconomics discipline and various other disciplines, is to the advantage of people whose lastname initials are placed early in the alphabet. As it turns out, Professor A, who has been afirst author more...
Persistent link: https://www.econbiz.de/10010325380
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A generalized condorcet jury theorem with two independent probabilities of error
Kirstein, Roland; von Wangenheim, Georg - 2010
The Condorcet Jury Theorem is derived from the implicit assumption that jury members only commit one type of error. If the probability of this error is smaller than 0.5, then group decisions are better than those of individual members. In binary decision situations, however, two types of error...
Persistent link: https://www.econbiz.de/10010286358
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Anchoring the yield curve using survey expectations
Altavilla, Carlo; Giacomini, Raffaella; Ragusa, Giuseppe - 2014
The dynamic behaviour of the term structure of interest rates is difficult to replicate with models, and even models with a proven track record of empirical performance have underperformed since the early 2000s. On the other hand, survey expectations are accurate predictors of yields, but only...
Persistent link: https://www.econbiz.de/10011605677
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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 consumer's problem. This involves moral hazard because diagnosis effort and...
Persistent link: https://www.econbiz.de/10011444292
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Inflation Forecast Contracts
Gersbach, Hans; Hahn, Volker - 2011
We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...
Persistent link: https://www.econbiz.de/10011753213
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Price discrimination via the choice of distribution channels
Dulleck, Uwe; Kerschbamer, Rudolf - 2005
This article studies the use of different distribution channels as an instrument of price discrimination in credence goods markets. In credence goods markets, where consumers do not know which quality of the good or service they need, price discrimination proceeds along the dimension of quality...
Persistent link: https://www.econbiz.de/10010294597