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. …

Two experts make yes/no predictions about whether an event, such as an economic crisis, will occur. They receive … ultimately convey. The experts may care about both absolute and relative performance. We show that when both experts receive … such experts. We find that, without the possibility of huge transfers, society's ability to extract good advice or even to …

Decision makers lacking crucial specialist know-how often consult with better informed but biased experts. In our model … the expert’s bias and the decision maker’s prior about the underlying state, three kinds of equilibrium behavior occur. In … each case equilibrium consists of separating and pooling segments, and the decision maker takes the expert’s preferred …

Professional experts offer advice with the objective of appearing well informed. Their ability is evaluated on the …