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Learning from Experts

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  • Irene Valsecchi

    (University of Milano-Bicocca)

Abstract

The survey is concerned with the issue of information transmission from experts to non-experts. Two main approaches to the use of experts can be traced. According to the game-theoretic approach expertise is a case of asymmetric information between the expert, who is the better informed agent, and the non-expert, who is either a decision-maker or an evaluator of the expert’s performance. According to the Bayesian decision-theoretic approach the expert is the agent who announces his probabilistic opinion, and the non-expert has to incorporate that opinion into his beliefs in a consistent way, despite his poor understanding of the expert’s substantive knowledge. The two approaches ground the relationships between experts and non-experts on such different premises that their results are very poorly connected.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2008.35.

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Date of creation: Apr 2008
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Handle: RePEc:fem:femwpa:2008.35

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Keywords: Expert; Information Transmission; Learning;

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References

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  1. Aghion, Philippe & Tirole, Jean, 1994. "Formal and Real Authority in Organizations," IDEI Working Papers 37, Institut d'Économie Industrielle (IDEI), Toulouse.
  2. Hiroyuki Nakata, 2003. "Modelling exchange of probabilistic opinions," Economic Theory, Springer, vol. 21(2), pages 697-727, 03.
  3. Robert L. Winkler, 1968. "The Consensus of Subjective Probability Distributions," Management Science, INFORMS, vol. 15(2), pages B61-B75, October.
  4. Olszewski, Wojciech, 2004. "Informal communication," Journal of Economic Theory, Elsevier, vol. 117(2), pages 180-200, August.
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Cited by:
  1. Rufo, M.J. & Martín, J. & Pérez, C.J., 2009. "Inference on exponential families with mixture of prior distributions," Computational Statistics & Data Analysis, Elsevier, vol. 53(9), pages 3271-3280, July.

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