Journal article

Will Truth Out?—An Advisor’S Quest To Appear Competent

Year:

2017

Published in:

Journal of Mathematical Economics
Dynamic career concerns
Long-term incentives
Private and public beliefs
Agent's competence

We study a dynamic career-concerns environment with an agent who has incentives to appear competent. It is well known that dynamic career concerns create incentives for an agent to be conservative and to tailor his reports towards a commonly held prior opinion. The existing models, however, have focused on short time horizons. We show that, for long time horizons, there exist countervailing incentives for the agent to report his true opinion. In particular, if the agent is sufficiently patient, the time horizon is sufficiently long given the agent’s patience, and the quality of the competent expert is high enough given the time horizon and the discount factor, the beneficial long-term incentives overwhelm any harmful myopic ones, and the incentive problem vanishes.

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Authors: Tymofiy Mylovanov, Yuri M. Zhukov, Yuriy Gorodnichenko

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Authors: Tymofiy Mylovanov, Ilona Sologoub

2024
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Publisher: Journal of Public Finance and Public Choice

Authors: Tymofiy Mylovanov, Jennifer Brick Murtazashvili, Nataliia Shapoval, Ilia Murtazashvili

2016
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Authors: Tymofiy Mylovanov, Ruben Andersson, Valerie Arnould, Vesna Bojicic-Dzelilovic, Emmanuel Darmois , Alex de Waal, Francesco Giumelli , Mustafa Haid, Rachel Ibreck, Mary Kaldor, Nataša Kandić, Anna Maria Kellner, Denisa Kostovicova, Roger Mac Ginty, Mary Martin, Elisa Randazzo, Iavor Rangelov, Oliver Richmond, Geneviève Schméder, Sabine Selchow, Javier Solana, Marika Theros, Mattia Toaldo, Rim Turkmani, Koen Vlassenroot

2022
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2023
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Authors: Tymofiy Mylovanov, Jeffrey Sonnenfeld, Nataliia Shapoval, Steven Tian, Andrii Onopriienko, Georgia Hirsty, Michal Wyrebkowski

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Authors: Tymofiy Mylovanov, Torbjörn Becker, Olena Bilan, Barry J. Eichengreen, Vjaceslavs Dombrovskis, Anastassia Fedyk, Yuriy Gorodnichenko, Piroska Nagy Mohacsi, Jacob Nell, Ilona Sologoub, Gerard Roland, Beatrice Weder di Mauro