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The organization of expertise in the presence of communication

Listed author(s):
  • Flavia Roldán

    ()

Principal decision-makers are sometimes obliged to rely on multiple sources of information when drawing conclusions about the desirability of given actions in response to decisions they face. They may hire specialized agents to inform their decisions. Principals have authority both to allow communication among agents of information and to prevent information-sharing. I assume that communication facilitates the emergence of some complementarities among agents, but it may also promote collusion. I study the optimal design of contracts focusing on how to sequence communication of expertise. I show that from a principal’s point of view, when the advantages of allowing communication dominate, communication is more effective before effort choices are made rather than after. Copyright Springer-Verlag Berlin Heidelberg 2013

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File URL: http://hdl.handle.net/10.1007/s10058-012-0139-1
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Article provided by Springer & Society for Economic Design in its journal Review of Economic Design.

Volume (Year): 17 (2013)
Issue (Month): 1 (March)
Pages: 63-81

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Handle: RePEc:spr:reecde:v:17:y:2013:i:1:p:63-81
DOI: 10.1007/s10058-012-0139-1
Contact details of provider: Web page: http://www.springer.com

Web page: https://sites.google.com/site/societyforeconomicdesign/

Order Information: Web: http://www.springer.com/economics/journal/10058

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  1. Itoh Hideshi, 1993. "Coalitions, Incentives, and Risk Sharing," Journal of Economic Theory, Elsevier, vol. 60(2), pages 410-427, August.
  2. Dezsö Szalay, 2005. "The Economics of Clear Advice and Extreme Options," Review of Economic Studies, Oxford University Press, vol. 72(4), pages 1173-1198.
  3. Macho-Stadler, Ines & Perez-Castrillo, J. David, 1993. "Moral hazard with several agents : The gains from cooperation," International Journal of Industrial Organization, Elsevier, vol. 11(1), pages 73-100, March.
  4. Hao Li, 2001. "A Theory of Conservatism," Journal of Political Economy, University of Chicago Press, vol. 109(3), pages 617-636, June.
  5. Gromb, Denis & Martimort, David, 2007. "Collusion and the organization of delegated expertise," Journal of Economic Theory, Elsevier, vol. 137(1), pages 271-299, November.
  6. Dezsö Szalay & Ramon Arean, 2005. "Communicating with a Team of Experts," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 05.12, Université de Lausanne, Faculté des HEC, DEEP.
  7. Vijay Krishna & John Morgan, 2001. "A Model of Expertise," The Quarterly Journal of Economics, Oxford University Press, vol. 116(2), pages 747-775.
  8. Robert Dur & Otto H. Swank, 2005. "Producing and Manipulating Information," Economic Journal, Royal Economic Society, vol. 115(500), pages 185-199, January.
  9. Bulow, Jeremy I & Geanakoplos, John D & Klemperer, Paul D, 1985. "Multimarket Oligopoly: Strategic Substitutes and Complements," Journal of Political Economy, University of Chicago Press, vol. 93(3), pages 488-511, June.
  10. repec:bla:joares:v:25:y:1987:i:1:p:68-89 is not listed on IDEAS
  11. Gerardi, Dino & Yariv, Leeat, 2008. "Information acquisition in committees," Games and Economic Behavior, Elsevier, vol. 62(2), pages 436-459, March.
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