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A Model of Expertise

Author

Listed:
  • Vijay Krishna
  • John Morgan

Abstract

We study a model in which perfectly informed experts offer advice to a decision maker whose actions affect the welfare of all. Experts are biased and thus may wish to pull the decision maker in different directions and to different degrees. When the decision maker consults only a single expert, the expert withholds substantial information from the decision maker. We ask whether this situation is improved by having the decision maker sequentially consult two experts. We first show that there is no perfect Bayesian equilibrium in which full revelation occurs. When both experts are biased in the same direction, it is never beneficial to consult both. In contrast, when experts are biased in opposite directions, it is always beneficial to consult both. Indeed, in this case full revelation may be induced in an extended debate by introducing the possibility of rebuttal.

Suggested Citation

  • Vijay Krishna & John Morgan, 2001. "A Model of Expertise," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(2), pages 747-775.
    • Handle: RePEc:oup:qjecon:v:116:y:2001:i:2:p:747-775.
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    File URL: http://hdl.handle.net/10.1162/00335530151144159
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    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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