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are superior to those based on forming simple averages and medians from the entire panel of experts …
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Combination of forecasts from survey data is complicated by the frequent entry and exit of individual forecasters which renders conventional least squares regression approaches infeasible. We explore the consequences of this issue for existing combination methods and propose new methods for...
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The difficulties in properly anticipating key economic variables may encourage decision makers to rely on experts … induce experts to forecast strategically in order to pass the test. A test can be ignorantly passed if a false expert, with … difficult to dismiss false, but strategic, experts who know how theories are tested. This result also shows an important role …
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This paper examines the effect of biased expert opinions on asset allocations. Expert opinions, such as brokerage research and analyst views, are an essential component of the asset management sector and an important research topic. However, the effect of behavioral biases on expert opinions is...
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The paper studies a dynamic communication game in the presence of adverse selection and career concerns. A forecaster of privately known competence, who cares about his reputation, chooses the timing of the forecast regarding the outcome of some future event. We find that in all equilibria in a...
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Methods for eliciting and aggregating expert judgment are necessary when decision-relevant data are scarce. Such methods have been used for aggregating the judgments of a large, heterogeneous group of forecasters, as well as the multiple judgments produced from an individual forecaster. This...
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