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Decision makers lacking crucial specialist know-how often consult with better informed but biased experts. In our model the decision maker’s choice problem is binary and her preferred option depends on the state of the world unknown to her. The expert observes the state and sends a report to...
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Wars of conquest and wars of independence are characterized by an asymmetric payoff structure: one party gets aggregate production if it wins, and its own production if it loses, while the other party gets only its own production if it wins, and nothing if it loses. We study a model of war with...
Persistent link: https://www.econbiz.de/10009754525
Decision makers lacking crucial specialist know-how often consult with better informed but biased experts. In our model the decision maker's choice problem is binary and her preferred option depends on the state of the world unknown to her. The expert observes the state and sends a report to the...
Persistent link: https://www.econbiz.de/10008758925
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We study a model of conflicts and wars in which the outcome is uncertain not because of luck on the battlefield as in standard models, but because countries lack information about their opponent. In this model expected resource levels and production and military technologies are common...
Persistent link: https://www.econbiz.de/10013094827
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