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Specialization and partisanship in committee search

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  • Shi, Xianwen

    ()
    (Department of Economics, University of Toronto)

  • Moldovanu, Benny

    ()
    (Department of Economics, University of Bonn)

Abstract

A committee decides by unanimity whether to accept the current alternative, or to continue costly search. Each alternative is described by a vector of distinct attributes, and each committee member can privately assess the quality of one attribute (her "specialty"). Preferences are heterogeneous and interdependent: each specialist values all attributes, but puts a higher weight on her specialty (partisanship). We study how acceptance standards and members' welfare vary with the amount of conflict within the committee. We also compare decisions made by committees consisting of specialized experts to decisions made by committees of generalists who can each assess all information available. The acceptance standard decreases (increases) in the degree of conflict when information is public (private). In both cases welfare decreases in the level of conflict. Finally, we identify situations where specialized committee decisions yield Pareto improvements over specialized, one-person decisions and over committee decisions made by generalists.

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Bibliographic Info

Article provided by Econometric Society in its journal Theoretical Economics.

Volume (Year): 8 (2013)
Issue (Month): 3 (September)
Pages:

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Handle: RePEc:the:publsh:1292

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Web page: http://econtheory.org

Related research

Keywords: Committee search; asymmetric information; interdependent values; specialization; partisanship;

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References

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  1. Susan Vroman & Axel Anderson & James Albrecht, 2007. "Search by Committee," 2007 Meeting Papers 351, Society for Economic Dynamics.
  2. Bruno Strulovici, 2010. "Learning While Voting: Determinants of Collective Experimentation," Econometrica, Econometric Society, vol. 78(3), pages 933-971, 05.
  3. Alpern, Steve & Gal, Shmuel & Solan, Eilon, 2010. "A sequential selection game with vetoes," Games and Economic Behavior, Elsevier, vol. 68(1), pages 1-14, January.
  4. Ettore Damiano & Hao Li & Wing Suen, 2008. "Delay in Strategic Information Aggregation," Working Papers tecipa-311, University of Toronto, Department of Economics.
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