Advanced Search
MyIDEAS: Login to save this article or follow this journal

The Power of Diversity over Large Solution Spaces

Contents:

Author Info

  • Marco LiCalzi

    ()
    (Department of Management, Università Ca' Foscari Venezia, 30121 Venezia, Italy)

  • Oktay Surucu

    ()
    (Department of Economics and Finance, Università LUISS Guido Carli, 00198 Roma, Italy)

Abstract

We consider a team of agents with limited problem-solving ability facing a disjunctive task over a large solution space. We provide sufficient conditions for the following four statements. First, two heads are better than one: a team of two agents will solve the problem even if neither agent alone would be able to. Second, teaming up does not guarantee success: if the agents are not sufficiently creative, even a team of arbitrary size may fail to solve the problem. Third, defendit numerus : when the agent's problem-solving ability is adversely affected by the complexity of the solution space, the solution of the problem requires only a mild increase in the size of the team. Fourth, groupthink impairs the power of diversity: if agents' abilities are positively correlated, a larger team is necessary to solve the problem. This paper was accepted by Teck Ho, decision analysis.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://dx.doi.org/10.1287/mnsc.1110.1495
Download Restriction: no

Bibliographic Info

Article provided by INFORMS in its journal Management Science.

Volume (Year): 58 (2012)
Issue (Month): 7 (July)
Pages: 1408-1421

as in new window
Handle: RePEc:inm:ormnsc:v:58:y:2012:i:7:p:1408-1421

Contact details of provider:
Postal: 7240 Parkway Drive, Suite 300, Hanover, MD 21076 USA
Phone: +1-443-757-3500
Fax: 443-757-3515
Email:
Web page: http://www.informs.org/
More information through EDIRC

Related research

Keywords: problem solving; bounded rationality; theory of teams; groupthink;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Blinder, Alan S & Morgan, John, 2005. "Are Two Heads Better than One? Monetary Policy by Committee," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(5), pages 789-811, October.
  2. Gary Bornstein & Tamar Kugler & Anthony Ziegelmeyer, 2002. "Individual and Group Decisions in the Centipede Game: Are Groups More “Rational” Players?," Discussion Paper Series dp298, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  3. Roland Bénabou, 2009. "Groupthink: Collective Delusions in Organizations and Markets," NBER Working Papers 14764, National Bureau of Economic Research, Inc.
  4. Kocher, Martin G. & Sutter, Matthias, 2005. "The decision maker matters: Individual versus group behaviour in experimental beauty-contest games," Munich Reprints in Economics 18213, University of Munich, Department of Economics.
  5. Alan S. Blinder & John Morgan, 2008. "Do Monetary Policy Committees Need Leaders? A Report on an Experiment," American Economic Review, American Economic Association, vol. 98(2), pages 224-29, May.
  6. David J. Cooper & John H. Kagel, 2005. "Are Two Heads Better Than One? Team versus Individual Play in Signaling Games," American Economic Review, American Economic Association, vol. 95(3), pages 477-509, June.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Marco LiCalzi & Lucia Milone, 2012. "Talent management in triadic organizational architectures," Working Papers 4, Department of Management, Università Ca' Foscari Venezia.
  2. Andrea Collevecchio & Marco LiCalzi, 2011. "The probability of nontrivial common knowledge," Working Papers 6, Department of Management, Università Ca' Foscari Venezia, revised Mar 2012.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:58:y:2012:i:7:p:1408-1421. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mirko Janc).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.