Consider a group of experts who are certain that fact X is true. This fact could be something such as global warming is occurring and is caused by human activity. They sign a statement saying X is true. If the experts turn out to be wrong, however, they will probably pay at most only a small reputational cost. This low error cost reduces the authority value of the expert’s statement. I propose a reputation commitment mechanism that would increase the personal cost to the experts of being wrong and so increase the authority value of their statement.
Reputation Commitment Mechanism
Reputation Commitment Mechanism
Reputation Commitment Mechanism
Consider a group of experts who are certain that fact X is true. This fact could be something such as global warming is occurring and is caused by human activity. They sign a statement saying X is true. If the experts turn out to be wrong, however, they will probably pay at most only a small reputational cost. This low error cost reduces the authority value of the expert’s statement. I propose a reputation commitment mechanism that would increase the personal cost to the experts of being wrong and so increase the authority value of their statement.
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