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A resurrection of the Condorcet Jury Theorem

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Author Info

  • Szentes, Balazs

    ()
    (Department of Economics, University College London)

  • Koriyama, Yukio

    ()
    (Département d'Économie, École Polytechnique, Palaiseau)

Abstract

This paper analyzes the optimal size of a deliberating committee where (i) there is no conflict of interest among individuals and (ii) information acquisition is costly. The committee members simultaneously decide whether to acquire information, and then make the ex-post efficient decision. The optimal committee size, k*, is shown to be bounded. The main result of this paper is that any arbitrarily large committee aggregates the decentralized information more efficiently than the committee of size k*-2. This result implies that oversized committees generate only small inefficiencies.

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Bibliographic Info

Article provided by Econometric Society in its journal Theoretical Economics.

Volume (Year): 4 (2009)
Issue (Month): 2 (June)
Pages:

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Handle: RePEc:the:publsh:563

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Web page: http://econtheory.org

Related research

Keywords: Voting; information aggregation; costly information;

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Cited by:
  1. Hahn, Volker, 2012. "On the Optimal Size of Committees of Experts," Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 62041, Verein für Socialpolitik / German Economic Association.
  2. Yannis M. Ioannides, 2003. "Complexity and Organizational Architecture," Discussion Papers Series, Department of Economics, Tufts University 0313, Department of Economics, Tufts University.
  3. Gabriele Gratton, 2013. "Pandering and Electoral Competition," Discussion Papers 2012-22B, School of Economics, The University of New South Wales.
  4. Volker Hahn, 2013. "Committee Design with Endogenous Participation," Working Paper Series of the Department of Economics, University of Konstanz 2013-12, Department of Economics, University of Konstanz.
  5. Christopher J Ellis & John Fender, 2010. "Information Aggregation, Growth and Franchise Extension with Applications to Female Enfranchisement and Inequality," Discussion Papers 10-27, Department of Economics, University of Birmingham.
  6. Triossi, Matteo, 2013. "Costly information acquisition. Is it better to toss a coin?," Games and Economic Behavior, Elsevier, vol. 82(C), pages 169-191.
  7. Carl Andreas Claussen & Egil Matsen & Øistein Røisland & Ragnar Torvik, 2009. "Overconfidence, Monetary Policy Committees and Chairman Dominance," Working Paper 2009/17, Norges Bank.
  8. Kawamura, Kohei, 2013. "Eliciting information from a large population," Journal of Public Economics, Elsevier, vol. 103(C), pages 44-54.
  9. Wang, Chengsi & Zudenkova, Galina, 2014. "A Rationale for Non-Monotonic Group-Size Effect in Repeated Provision of Public Goods," Working Papers 14-03, University of Mannheim, Department of Economics.

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