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Advice from Multiple Experts: A Comparison of Simultaneous, Sequential, and Hierarchical Communication

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  • Li Ming

    ()
    (Concordia University and CIREQ)

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Abstract

In this paper, I analyze an example in which two perfectly informed experts advise a decision maker. Each expert has private information about her own bias. I show that consulting two experts is better than consulting just one. I compare the efficiency of information transmission between simultaneous, sequential, and hierarchical forms of communication. I show that simultaneous communication achieves the highest efficiency, followed by sequential and hierarchical communication. However, hierarchical communication, in which a second expert chooses whether to block the first expert's message, achieves a moderate level of efficiency, even though the decision maker receives only one message. Finally, there are preference settings in which both sequential and hierarchical communication are superior to simultaneous communication.

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File URL: http://www.degruyter.com/view/j/bejte.2010.10.1/bejte.2010.10.1.1490/bejte.2010.10.1.1490.xml?format=INT
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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): 10 (2010)
Issue (Month): 1 (April)
Pages: 1-24

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Handle: RePEc:bpj:bejtec:v:10:y:2010:i:1:n:18

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Web page: http://www.degruyter.com

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Cited by:
  1. McGee, Andrew & Yang, Huanxing, 2013. "Cheap talk with two senders and complementary information," Games and Economic Behavior, Elsevier, vol. 79(C), pages 181-191.

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