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Time to Decide: Information Search and Revelation in Groups

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  • Campbell, Arthur
  • Ederer, Florian
  • Spinnewijn, Johannes

Abstract

We analyze costly information acquisition and information revelation in groups in a dynamic setting. Even when group members have perfectly aligned interests the group may inefficiently delay decisions. When deadlines are far away, uninformed group members freeride on each others' efforts to acquire information. When deadlines draw close, informed group members stop revealing their information in an attempt to incentivize other group members to continue searching for information. Surprisingly, setting a tighter deadline may increase the expected decision time and increase the expected accuracy of the decision in the unique equilibrium. As long as the deadline is set optimally, welfare is higher when information is only privately observable to the agent who obtained information rather than to the entire group.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 8531.

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Date of creation: Aug 2011
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Handle: RePEc:cpr:ceprdp:8531

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Keywords: deadlines; group decisions; information disclosure; information search;

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References

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  1. Hao Li & Sherwin Rosen & Wing Suen, 2000. "Conflicts and Common Interests in Committees," Econometric Society World Congress 2000 Contributed Papers 0341, Econometric Society.
  2. Dino Gerardi & Leeat Yariv, 2007. "Information Acquisition in Committees," Cowles Foundation Discussion Papers 1411R, Cowles Foundation for Research in Economics, Yale University.
  3. Gilat Levy, 2007. "Decision Making in Committees: Transparency, Reputation, and Voting Rules," American Economic Review, American Economic Association, vol. 97(1), pages 150-168, March.
  4. Gerardi, Dino & Yariv, Leeat, 2007. "Deliberative voting," Journal of Economic Theory, Elsevier, vol. 134(1), pages 317-338, May.
  5. Wing Suen & Hao Li & Ettore Damiano, 2010. "Optimal deadlines for agreements," 2010 Meeting Papers 855, Society for Economic Dynamics.
  6. Jordi Blanes i Vidal & Marc Möller, 2013. "Decision–Making and Implementation in Teams," CEP Discussion Papers dp1208, Centre for Economic Performance, LSE.
  7. Bauke Visser & Otto H. Swank, 2005. "On Committees of Experts," Tinbergen Institute Discussion Papers 05-028/1, Tinbergen Institute.
  8. Ettore Damiano & Hao Li & Wing Suen, 2008. "Delay in Strategic Information Aggregation," Working Papers tecipa-311, University of Toronto, Department of Economics.
  9. Ottaviani, Marco & Sorensen, Peter, 2001. "Information aggregation in debate: who should speak first?," Journal of Public Economics, Elsevier, vol. 81(3), pages 393-421, September.
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