Strategic information revelation when experts compete to influence
We consider a persuasion game between a decision‐maker and a set of experts. Each expert is identified by two parameters: (i) “quality” or his likelihood of observing the state (i.e., learning what the best decision is) and (ii) “agenda” or the preferred decision that is independent of the state. An informed expert may feign ignorance but cannot misreport. We offer a general characterization of the equilibrium. From the decision‐maker's standpoint, (a) higher quality is not necessarily better, (b) extreme agendas are always preferred, and (c) the optimal panel may involve experts with identical (rather than conflicting) agendas.
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Document Type: Research Article
Publication date: September 1, 2013