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Aggregation of expert opinions

Author

Listed:
  • Gerardi, Dino
  • McLean, Richard
  • Postlewaite, Andrew

Abstract

Conflicts of interest arise between a decision maker and agents who have information pertinent to the problem because of differences in their preferences over outcomes. We investigate how the decision maker can extract the information by distorting the decisions that will be taken. We show that only slight distortions will be necessary when agents' signals are sufficiently accurate or when the number of informed agents becomes large. We argue that the particular mechanisms analyzed are substantially less demanding informationally than those typically employed in implementation and virtual implementation. Further, the mechanisms are immune to manipulation by small groups of agents.

Suggested Citation

  • Gerardi, Dino & McLean, Richard & Postlewaite, Andrew, 2009. "Aggregation of expert opinions," Games and Economic Behavior, Elsevier, vol. 65(2), pages 339-371, March.
    • Handle: RePEc:eee:gamebe:v:65:y:2009:i:2:p:339-371
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    Citations

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    Cited by:

    1. Tilman Klumpp, 2007. "Communication in financial markets with several informed traders," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 33(3), pages 437-456, December.
    2. Jackson, Matthew O. & Tan, Xu, 2013. "Deliberation, disclosure of information, and voting," Journal of Economic Theory, Elsevier, vol. 148(1), pages 2-30.
    3. Pablo Amorós, 2013. "Picking the winners," International Journal of Game Theory, Springer;Game Theory Society, vol. 42(4), pages 845-865, November.
    4. Irene Valsecchi, 2013. "The expert problem: a survey," Economics of Governance, Springer, vol. 14(4), pages 303-331, November.
    5. Tombazos, Christis G. & Dobra, Matthew, 2014. "Formulating research policy on expert advice," European Economic Review, Elsevier, vol. 72(C), pages 166-181.
    6. Casamatta, Catherine & Haritchabalet, Carole, 2007. "Experience, screening and syndication in venture capital investments," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 368-398, July.
    7. Chen, Yi-Chun & Mueller-Frank, Manuel & Pai, Mallesh M., 2022. "Continuous implementation with direct revelation mechanisms," Journal of Economic Theory, Elsevier, vol. 201(C).
    8. Pablo Amorós, 2020. "Aggregating experts’ opinions to select the winner of a competition," International Journal of Game Theory, Springer;Game Theory Society, vol. 49(3), pages 833-849, September.
    9. Amorós, Pablo, 2023. "Evaluation and strategic manipulation," Journal of Mathematical Economics, Elsevier, vol. 106(C).
    10. Carl Heese & Stephan Lauermann, 2019. "Persuasion and Information Aggregation in Large Elections," CRC TR 224 Discussion Paper Series crctr224_2019_128, University of Bonn and University of Mannheim, Germany.
    11. Carl Heese & Stephan Lauermann, 2021. "Persuasion and Information Aggregation in Elections," ECONtribute Discussion Papers Series 112, University of Bonn and University of Cologne, Germany.
    12. Deimen, Inga & Ketelaar, Felix & Le Quement, Mark T., 2015. "Consistency and communication in committees," Journal of Economic Theory, Elsevier, vol. 160(C), pages 24-35.
    13. Elisabeth Schulte, 2010. "Information aggregation and preference heterogeneity in committees," Theory and Decision, Springer, vol. 69(1), pages 97-118, July.
    14. Elisabeth Schulte, 2012. "Communication in committees: who should listen?," Public Choice, Springer, vol. 150(1), pages 97-117, January.
    15. Dezsö Szalay & Ramon Arean, 2005. "Communicating with a Team of Experts," Cahiers de Recherches Economiques du Département d'économie 05.12, Université de Lausanne, Faculté des HEC, Département d’économie.
    16. Corchón, Luis C., 2008. "The theory of implementation : what did we learn?," UC3M Working papers. Economics we081207, Universidad Carlos III de Madrid. Departamento de Economía.
    17. Torun Dewan & Andrea Galeotti & Christian Ghiglino & Francesco Squintani, 2015. "Information aggregation and optimal structure of the executive," LSE Research Online Documents on Economics 59632, London School of Economics and Political Science, LSE Library.
    18. Feddersen, Timothy & Gradwohl, Ronen, 2020. "Decentralized advice," European Journal of Political Economy, Elsevier, vol. 63(C).
    19. M. Ferrara & F. Lamperti & R. Mavilia, 2016. "Looking for best performers: a pilot study towards the evaluation of science parks," Scientometrics, Springer;Akadémiai Kiadó, vol. 106(2), pages 717-750, February.
    20. De Moragas, Antoni-Italo, 2020. "When consensus hurts: experts' advice and electoral support," MPRA Paper 114800, University Library of Munich, Germany.
    21. Pablo Amorós, 2017. "The problem of aggregating experts' opinions to select the winner of a competition," Working Papers 2017-04, Universidad de Málaga, Department of Economic Theory, Málaga Economic Theory Research Center.

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    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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