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Experts, conflicts of interest, and reputation for ability

Author

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  • Filippo Pavesi
  • Massimo Scotti

Abstract

type="main" xml:lang="en"> We analyze a model of cheap talk in which an expert who faces a conflict of interest with a decision maker is concerned about establishing a reputation for having accurate information. In this environment, an increase in reputation above a certain threshold always makes truthful revelation more difficult to achieve, since experts with greater reputation can more easily sway the beliefs of decision makers in a desired direction. Thus, higher levels of reputation exacerbate the incentives of biased experts to misreport their private information. Decision makers may therefore be better off consulting less reputable experts when conflicts are more pronounced.

Suggested Citation

  • Filippo Pavesi & Massimo Scotti, 2014. "Experts, conflicts of interest, and reputation for ability," International Journal of Economic Theory, The International Society for Economic Theory, vol. 10(2), pages 219-233, June.
    • Handle: RePEc:bla:ijethy:v:10:y:2014:i:2:p:219-233
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    Cited by:

    1. Chulyoung Kim & Paul S. Koh, 2020. "Court‐appointed experts and accuracy in adversarial litigation," International Journal of Economic Theory, The International Society for Economic Theory, vol. 16(3), pages 282-305, September.
    2. Klein, Nicolas & Mylovanov, Tymofiy, 2017. "Will truth out?—An advisor’s quest to appear competent," Journal of Mathematical Economics, Elsevier, vol. 72(C), pages 112-121.
    3. Catonini, Emiliano & Stepanov, Sergey, 2023. "Reputation and information aggregation," Journal of Economic Behavior & Organization, Elsevier, vol. 208(C), pages 156-173.

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