Aggregation of expert opinions
AbstractConflicts 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.
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Bibliographic InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 65 (2009)
Issue (Month): 2 (March)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622836
Other versions of this item:
- Dino Gerardi & Richard McLean & Andrew Postlewaite, 2005. "Aggregation of Expert Opinions," PIER Working Paper Archive 05-016, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Dino Gerardi & Richard McLean & Andrew Postlewaite, 2005. "Aggregation of Expert Opinions," Cowles Foundation Discussion Papers 1503, Cowles Foundation for Research in Economics, Yale University.
- D7 - Microeconomics - - Analysis of Collective Decision-Making
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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