Reputational cheap talk

• 成果类型: Article
• 署名作者: Ottaviani, Marco; Sorensen, Peter Norman
• 署名单位: University of London; London Business School; University of Copenhagen
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• DOI: 10.1111/j.1756-2171.2006.tb00010.x
• 发表日期: 2006
• 页码: 155-175
• 关键词: Herd behavior; INFORMATION

摘要

We analyze information reporting by a privately informed expert concerned about being perceived to have accurate information. When the expert's reputation is updated on the basis of the report as well as the realized state, the expert typically does not wish to truthfully reveal the signal observed. The incentives to deviate from truth telling are characterized and shown to depend on the information structure. In equilibrium, experts can credibly communicate only part of their information. Our results also hold when experts have private information about their own accuracy and care about their reputation relative to others.