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Learning from Experts

Irene Valsecchi

No 2008.35, Working Papers from Fondazione Eni Enrico Mattei

Abstract: The survey is concerned with the issue of information transmission from experts to non-experts. Two main approaches to the use of experts can be traced. According to the game-theoretic approach expertise is a case of asymmetric information between the expert, who is the better informed agent, and the non-expert, who is either a decision-maker or an evaluator of the expert’s performance. According to the Bayesian decision-theoretic approach the expert is the agent who announces his probabilistic opinion, and the non-expert has to incorporate that opinion into his beliefs in a consistent way, despite his poor understanding of the expert’s substantive knowledge. The two approaches ground the relationships between experts and non-experts on such different premises that their results are very poorly connected.

Keywords: Expert; Information Transmission; Learning (search for similar items in EconPapers)
JEL-codes: D81 L21 (search for similar items in EconPapers)
Date: 2008-04
New Economics Papers: this item is included in nep-cta, nep-hpe and nep-knm
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