A Decision Model with Expert's Biased Information Transmission

  • Published : 1988.12.01

Abstract

This study suggests on optimal process when decision maker is confronted with expert's biased information under the situation that the bias is caused mainly by the difference of their interest. In order to make honest transmission of expert's probabilistic information, the concept of expert use and scoring rule to provide expert with an incentive is used in this paper. And expected regret concept is introduced to evaluate the value of expert's information. A simple example is also shown.

Keywords

References

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