The art of conversation: eliciting information from experts through multi-stage communication

We examine the strategic interaction between an informed expert and an uninformed decision maker, extending the analysis of Crawford and Sobel (Econometrica 50 (1982) 1431). We modify their model to allow for more extensive communication between the two parties and show that face-to-face communication between the expert and the uninformed decision maker followed by a written report from the expert leads to improved information transmission. In (almost) all cases, there exists an equilibrium in our modified model that ex ante Pareto dominates all of the equilibria identified by Crawford and Sobel. This remains true even if the expert’s bias is so great that in their model no information would be disclosed.

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Work Title The art of conversation: eliciting information from experts through multi-stage communication
Access
Open Access
Creators
  1. Vijay Krishna
  2. John Morgan
Keyword
  1. Communication
  2. Information
  3. Experts
  4. Cheap talk
License CC BY-NC 4.0 (Attribution-NonCommercial)
Work Type Article
Publisher
  1. Journal of Economic Theory
Publication Date June 10, 2004
Publisher Identifier (DOI)
  1. https://doi.org/10.1016/j.jet.2003.09.008
Deposited April 04, 2022

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  • Added Creator John Morgan
  • Added Krishna and Morgan JET (2004).pdf
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Version 2
published

  • Created
  • Updated Publisher Show Changes
    Publisher
    • Journal of Economic Theory
  • Updated License Show Changes
    License
    • https://www.gnu.org/licenses/gpl.html
    • https://creativecommons.org/licenses/by-nc/4.0/
  • Published
  • Updated Work Title, Keyword, Subtitle, and 2 more Show Changes
    Work Title
    • The Art of Conversation
    • The art of conversation: eliciting information from experts through multi-stage communication
    Keyword
    • Communication, Information, Experts, Cheap talk
    Subtitle
    • Eliciting Information from Experts via Multistage Communication
    Publisher Identifier (DOI)
    • https://doi.org/10.1016/j.jet.2003.09.008
    Publication Date
    • 2004
    • 2004-06-10
  • Updated