IDEAS home Printed from https://ideas.repec.org/p/ecl/stabus/3036.html
   My bibliography  Save this paper

Dynamically Eliciting Unobservable Information

Author

Listed:
  • Chambers, Christopher P.

    (University of CA, San Diego)

  • Lambert, Nicolas S.

    (Stanford University)

Abstract

We answer the following question: At t = 1, an expert has (probabilistic) information about a random outcome X. In addition, the expert will obtain further information about X as time passes, up to some time t = T + 1 at which X will be publicly revealed. (How) Can a protocol be devised that induces the expert, as a strict best response, to reveal at the outset his prior assessment of both X and the information flows he anticipates and, subsequently, what information he privately receives? (The protocol can provide the expert with payoffs that depend only on the realization of X, as well as any decisions he may take.) We show that this can be done with the following sort of protocol: At the penultimate time t = T, the expert chooses a payoff function from a menu of such functions, where the menu available to him was chosen by him at time t = T - 1 from a menu of such menus, and so forth. We show that any protocol that affirmatively answers our question can be approximated by a protocol of the form described. We show how these results can be extended from discrete time to continuous time problems of this sort.

Suggested Citation

  • Chambers, Christopher P. & Lambert, Nicolas S., 2014. "Dynamically Eliciting Unobservable Information," Research Papers 3036, Stanford University, Graduate School of Business.
    • Handle: RePEc:ecl:stabus:3036
    as

    Download full text from publisher

    File URL: http://www.gsb.stanford.edu/faculty-research/working-papers/dynamically-eliciting-unobservable-information
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mira Frick & Ryota Iijima & Tomasz Strzalecki, 2019. "Dynamic Random Utility," Econometrica, Econometric Society, vol. 87(6), pages 1941-2002, November.
    2. Frongillo, Rafael M. & Kash, Ian A., 2021. "General truthfulness characterizations via convex analysis," Games and Economic Behavior, Elsevier, vol. 130(C), pages 636-662.
    3. Bergemann, Dirk & Morris, Stephen & Takahashi, Satoru, 2017. "Interdependent preferences and strategic distinguishability," Journal of Economic Theory, Elsevier, vol. 168(C), pages 329-371.
    4. Karni, Edi & Vierø, Marie-Louise, 2023. "Comparative incompleteness: Measurement, behavioral manifestations and elicitation," Journal of Economic Behavior & Organization, Elsevier, vol. 205(C), pages 423-442.
    5. Edi Karni, 2020. "A mechanism for the elicitation of second-order belief and subjective information structure," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(1), pages 217-232, February.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:ecl:stabus:3036. 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: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/gsstaus.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.