A Delegation-Based Theory of Expertise
研究委托人如何在两个有偏见且信息不完全的专家之间选择,发现专家会夸大偏见,而委托人可通过引入第二个专家或承诺“意外元素”获益。
We investigate information aggregation and competition in a delegation framework. An uninformed principal is unable to perform a task herself and must choose between one of two biased and imperfectly informed experts. In the focal equilibrium, experts exaggerate their biases, anticipating an ideological winner’s curse. We show that having a second expert can benefit the principal, even when equally or more biased than the first expert. The principal can benefit from commitment to an “element of surprise” and prefers experts with equal rather than opposite biases.