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aspect of the services of experts (e.g., of doctors, lawyers, and accountants), and the role that voluntary pro bono work … might play. Expert services have un- verifiable quality to non-experts and are subject to moral hazard. Experts who cheat … their customers should crowd out experts who do not, resulting in low trust, prestige, and wages. We ask how pro bono work …
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review it, generating a noisy ex- post feedback for the audience. In these situations, experts who have low skills or do not …-post observability of the state of the world, the expert's perceived ability and competition among experts affect equilibrium reporting … behaviours as they enter in the way experts can manipulate beliefs. Competition between experts reduces the incentives to …
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receiver’s prior knowledge becomes an impediment to efficient communication in a model with the discrete state space: in …
Persistent link: https://www.econbiz.de/10003921775
' opinions into his/her own decision-making, affects the precision of communication with experts when communication is strategic …This study examines how sensitivity, which is defined as the degree to which a decision maker (DM) incorporates experts …. We develop a simple cheap talk model comprising one DM and K experts, whose preference over the DM's decision is their …
Persistent link: https://www.econbiz.de/10012910890
An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the state of a project prior to investing in it. For a given level of investment, a good project succeeds with higher probability than a bad one. The entrepreneur makes an upfront...
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