Corpus ID: 5240352

He Who Pays The Piper Must Know The Tune

  title={He Who Pays The Piper Must Know The Tune},
  author={R. Hanson},
  • R. Hanson
  • Published 2004
  • Engineering
  • He who pays the piper calls the tune, but how can he call for a tune that he will not recognize when he hears it? Previous models, of two candidates competing for a voter and of firm managers impressing stock speculators, found experts neglecting their superior information in favor of client preconceptions. A similar result holds when we generalize the agents, choices, information structures, and preferences. When experts must pay to acquire information, have no intrinsic interest in client… CONTINUE READING
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