Advice from Multiple Experts: A Comparison of Simultaneous, Sequential, and Hierarchical Communication
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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Volume (Year): 10 (2010)
Issue (Month): 1 (April)
Pages: 1-24
| Handle: | RePEc:bpj:bejtec:v:10:y:2010:i:1:n:18 |
| Contact details of provider: | Web page: http://www.degruyter.com
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| Order Information: | Web: http://www.degruyter.com/view/j/bejte |
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