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A Theory of Conservatism

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Author Info
Hao Li

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Abstract

A free-rider problem arises when a group choice between two alternatives has to be made on the basis of privately collected evidence, leading to insufficient effort in gathering evidence and an ex ante welfare loss for the group. To alleviate the free-rider problem, the group can commit to a "conservative" rule, whereby the decision is made against the alternative favored by the group's preference or prior when evidence supports it but is not preponderant. Optimal conservatism increases private incentives to gather evidence and improves the quality of the group decision. My result explains why sometimes groups appear overly cautious toward favored alternatives.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 109 (2001)
Issue (Month): 3 (June)
Pages: 617-636
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Handle: RePEc:ucp:jpolec:v:109:y:2001:i:3:p:617-636

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  1. Yeon-Koo Che & Navin Karthik, 2007. "Opinions as incentives," Discussion Papers 0708-09, Columbia University, Department of Economics. [Downloadable!]
    Other versions:
    • Che, Yeon-Koo & Kartik, Navin, 2006. "Opinion as Incentives," MPRA Paper 6094, University Library of Munich, Germany, revised 15 Nov 2007. [Downloadable!]
  2. Dino Gerardi & Leeat Yariv, 2003. "Committee Design in the Presence of Communication," Cowles Foundation Discussion Papers 1411, Cowles Foundation, Yale University. [Downloadable!]
  3. Noriyuki Yanagawa, 2008. "Biased Motivation of Experts: Should They be Aggressive or Conservative?," CIRJE F-Series CIRJE-F-585, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  4. Junichiro Ishida, 2009. "Why Hierarchy? Communication and Information Acquisition in Organizations," ISER Discussion Paper 0751, Institute of Social and Economic Research, Osaka University. [Downloadable!]
  5. Caillaud, Bernard & Tirole, Jean, 2007. "Consensus Building: How to Persuade a Group," IDEI Working Papers 435, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
    Other versions:
  6. Dezsö Szalay & Ramon Arean, 2005. "Communicating with a Team of Experts," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 05.12, Université de Lausanne, Faculté des HEC, DEEP. [Downloadable!]
  7. repec:bep:thetop:v:8:y:2008:i:1:p:1421-1421 is not listed on IDEAS
  8. Dino Gerardi & Leeat Yariv, 2003. "Putting Your Ballot Where you Mouth Is: An Analysis of Collective Choice," Levine's Bibliography 506439000000000280, UCLA Department of Economics. [Downloadable!]
  9. Hao Li & Sherwin Rosen & Wing Suen, 2001. "Conflicts and Common Interests in Committees," American Economic Review, American Economic Association, vol. 91(5), pages 1478-1497, December. [Downloadable!] (restricted)
    Other versions:
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