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| Title: | | Preselection and Expert Advice  |
| Authors: | | Schulte, Elisabeth Felgenhauer, Mike |
| Issue Date: | | 2010 |
| Series/Report no.: | | Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Asymmetric Information and Incentives A8-V2 |
| Abstract: | | We study the effects of preselection on an expert's incentive to give truthful advice. In a decision environment in which certain decisions yield more precise estimates about the expert's expertise, a mediocre expert's advice is biased. We show that this bias can be undone by the introduction of a preselection stage, where the decision maker himself sometimes studies the case, and thereby alters the expert's perception of the problem. We identify a parameter range in which the decision maker's choice is inefficient if it is not possible to commit to a certain preselection level. |
| Subjects: | | Reputation cheap talk safe haven |
| JEL: | | D82 D83 D72 |
| Document Type: | | Conference Paper |
| Appears in Collections: | | Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie
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