Learning more by doing less
Self-interested agents (e.g., interest groups, researchers) produce verifiable evidence in an attempt to convince a principal (e.g., legislator, funding organization) to act on their behalf (e.g., introduce legislation, fund research). Agents provide less informative evidence than the principal prefers since doing so maximizes the probability the principal acts in their favor. If the principal faces budget or other constraints that limit the number of agents whose proposals she can support, then agents produce more-accurate evidence as they compete for priority. Under reasonable conditions, the principal is better off when her capacity to act is limited.
|Date of creation:||11 Oct 2011|
|Publication status:||Forthcoming: Under Review|
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6094, University Library of Munich, Germany, revised 15 Nov 2007.
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0901, University of Miami, Department of Economics.
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