Experimental research on the credibility of advice in coordination games shows that advice can have considerable influence on players' behavior, even when this advice conflicts with payoff-dominance. A crucial feature of this prior research, however, is that the adviser has no share in the final...

The modern capitalist society, characterized by decentralized decision making and increasingly sophisticated products and services, turns on relationships of epistemic reliance, where laypersons depend upon advisors to guide their most important decisions. Yet many of those advisors lack real...