An experimental test of a committee search model
AbstractThe objective of this paper is to design a laboratory experiment for an infinite-horizon sequential committee search model in order to test some of the implications obtained by the model in Albrecht et al. (2010) (AAV). We find that, compared with single-agent search, the search duration is longer for committee search under the unanimity rule, but is shorter for committee search in which at least one vote is required to stop searching. In addition, according to estimates from round-based search decisions, subjects are more likely to vote to stop searching in committee search than in single-agent search. This confirms that agents are less picky in committee search. Overall, the experimental outcomes are consistent with the implications suggested by the AAV model. However, despite the prediction from the AAV model, we could not obtain a significant outcome in relation to the size order of the probabilities of voting to stop searching in committee search for the various plurality voting rules.
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Bibliographic InfoArticle provided by Elsevier in its journal European Economic Review.
Volume (Year): 61 (2013)
Issue (Month): C ()
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Web page: http://www.elsevier.com/locate/eer
Experiments; Committee search; Plurality voting rules;
Other versions of this item:
- Hizen, Yoichi & Kawata, Keisuke & Sasaki, Masaru, 2012. "An Experimental Test of a Committee Search Model," IZA Discussion Papers 6861, Institute for the Study of Labor (IZA).
- Yoichi Hizen & Keisuke Kawata & Masaru Sasaki, 2011. "An Experimental Test of a Committee Search Model," Discussion Papers in Economics and Business 11-06-Rev, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP), revised Sep 2012.
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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