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| Author: | Ginsburgh, V. A. Ours, J. C. van |
| Title: | Expert Opinion and Compensation: Evidence from a Musical Competition |
| Journal: | American Economic Review
2003 : MAR, VOL. 93:1, p. 289-296 |
| Index terms: | ECONOMICS COMPETITION ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | A large and increasing fraction of modern economic decisions is made by "experts," who are richly compensated for their efforts. Physicians, financial analysts, academic committees, wine gurus, and Olympic juries are all expected to make objective decisions as well as rankings that have a large influence on economic outcomes. In this paper, the authors study the effect of the ranking by experts in an important musical competition (the Queen Elizabeth piano competition) on the subsequent market success of participants. It turns out that a critical determinant of success in the competition is the order in which musicians perform, although in an effort to guarantee fairness, this order is assigned randomly. The main finding is that the order of appearance affects both the judges' ranking and economic outcome. |
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