An Experimental Test of a Committee Search Model
AbstractThe objective of this paper is to design a laboratory experiment for an infinite-horizon sequential committee search model in order to test some of the implications obtained by the model in Albrecht, Anderson, and Vroman (2010) (AAV). We find that, compared with single-agent search, the search duration is longer for committee search under the unanimity rule, but is shorter for committee search in which at least one vote is required to stop searching. In addition, according to estimates from round-based search decisions, subjects are more likely to vote to stop searching in committee search than in single-agent search. This confirms that agents are less picky in committee search. Overall, the experimental outcomes are consistent with the implications suggested by the AAV model. However, despite the prediction from the AAV model, we could not obtain a significant outcome in relation to the size order of the probabilities of voting to stop searching in committee search for the various plurality voting rules.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 6861.
Length: 43 pages
Date of creation: Sep 2012
Date of revision:
Publication status: published in: European Economic Review, 2013, 61, 59-76
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Other versions of this item:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-06 (All new papers)
- NEP-CDM-2012-10-06 (Collective Decision-Making)
- NEP-EXP-2012-10-06 (Experimental Economics)
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.:
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