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The loser's curse in the search for advice

Au, Pak Hung - In: Theoretical economics : TE ; an open access journal in … 14 (2019) 3, pp. 1015-1061

An agent searches sequentially for advice from multiple experts concerning the payoff of taking an operation. After … infinitely many experts, each has access to an identically and conditionally independent signal structure about the payoff, and … each makes a recommendation after observing the signal realization. We find that the experts face a loser's curse, which …

Persistent link: https://www.econbiz.de/10012104605

Advice is cheap : information is not!

Häfner, Samuel; Taylor, Curtis R. - 2017

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...

Persistent link: https://www.econbiz.de/10012117630

A true expert knows which question should be asked

Dekel-Tabak, Eddie (contributor); … - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002098736

A true expert knows which question should be asked

Dekel-Tabak, Eddie; Feinberg, Yossi - 2004

Persistent link: https://www.econbiz.de/10002469205

A true expert knows which question should be asked.

Dekel-Tabak, Eddie (contributor); … - 2004

We suggest a test for discovering whether a potential expert is informed of the distribution of a stochastic process. In a non-Bayesian non-parametric setting, the expert is asked to make a prediction which is tested against a single realization of the stochastic process. It is shown that by...

Persistent link: https://www.econbiz.de/10003778858

Non-Bayesian testing of a stochastic prediction

Dekel-Tabak, Eddie (contributor); … - 2005

We propose a method to test a prediction of the distribution of a stochastic process. In a non-Bayesian non-parametric setting, a predicted distribution is tested using a realization of the stochastic process. A test associates a set of realizations for each predicted distribution, on which the...