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Dynamic Expert Incentives: Complementarity and Substitutability in Information Acquisition

Author

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  • Tsz-Ning Wong
  • Lily Ling Yang

Abstract

We consider a model of dynamic expertise, in which two experts with the same bias exert efforts over time to discover the state of the world and are able to send verifiable messages about the discovery to a decision maker. We propose a definition of strategic complementarity and substitutability in this setting and find that the experts' information acquisition decisions are always substitutes when the experts are homogeneous, but sometimes complements when the experts are heterogeneous.

Suggested Citation

  • Tsz-Ning Wong & Lily Ling Yang, 2018. "Dynamic Expert Incentives: Complementarity and Substitutability in Information Acquisition," CRC TR 224 Discussion Paper Series crctr224_2018_026, University of Bonn and University of Mannheim, Germany.
  • Handle: RePEc:bon:boncrc:crctr224_2018_026
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    File URL: https://www.crctr224.de/research/discussion-papers/archive/dp026
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    More about this item

    Keywords

    Information Acquisition; Persuasion; Voluntary Disclosure; Free-riding;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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