Learning from Experts

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.


Issue Date:
2008-04
Publication Type:
Working or Discussion Paper
Record Identifier:
http://ageconsearch.umn.edu/record/36756
PURL Identifier:
http://purl.umn.edu/36756
Total Pages:
28
JEL Codes:
D81; L21
Series Statement:
Nota di Lavoro
35.2008




 Record created 2017-04-01, last modified 2018-01-22

Fulltext:
Download fulltext
PDF

Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)