IDEAS home Printed from https://ideas.repec.org/p/ags/feemie/8647.html
   My bibliography  Save this paper

Experts and Non-experts

Author

Listed:
  • Valsecchi, Irene

Abstract

The paper is concerned with the interaction between two agents: an expert, announcing his probability that a particular state of the world will occur, and a non-expert decision-maker, who takes action according to his posterior beliefs. The decision-maker considers the expert an experiment of uncertain reliability and takes the received messages as the outcomes of such an experiment. The model of the expert in the decision-maker's mind bears no relation with any measure of the expert's actual information. The paper shows that messages will be biased, notwithstanding solidarity between the agents. However, the longer the interaction, the less severe will be the bias.

Suggested Citation

  • Valsecchi, Irene, 2007. "Experts and Non-experts," International Energy Markets Working Papers 8647, Fondazione Eni Enrico Mattei (FEEM).
    • Handle: RePEc:ags:feemie:8647
    DOI: 10.22004/ag.econ.8647
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/8647/files/wp070077.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.8647?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    Resource /Energy Economics and Policy;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:feemie:8647. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/feemmit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.