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Cascading expert failure
Journal of Institutional Economics ; : 18, 2022.
Article in English | Web of Science | ID: covidwho-1977959
ABSTRACT
Recent research has shown how experts may fail in their duty as advisors by providing advice that leads to a worse outcome than that anticipated by the user of expert opinion. However, those models have focused on the immediate effects of the failure on experts and nonexperts. Using a cascading network failure model, I show how expert failure can cascade throughout multiple sectors, even those not necessarily purchasing the expert opinion. Consequently, even relatively small failures end up having outsized aggregate effects. To provide evidence of my theory, I look at two case studies of COVID expert advice to show how one seemingly minor failure ended up contributing to the pandemic. I conclude with a discussion on institutional frameworks that can prevent such cascades.
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Full text: Available Collection: Databases of international organizations Database: Web of Science Language: English Journal: Journal of Institutional Economics Year: 2022 Document Type: Article

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Full text: Available Collection: Databases of international organizations Database: Web of Science Language: English Journal: Journal of Institutional Economics Year: 2022 Document Type: Article