Diversity and Optimality
AbstractIn this paper, we construct a general model of diverse problem solvers of limited abilities. We use this model to derive two main results: (1) a collection of diverse, bounded problem solvers can locate optimal solutions to difficult problems and (2) a collection of problem solvers of diverse abilities tends to jointly outperform a collection of high ability problem solvers, where a problem solver's ability equals her expected individual problem. Submitted to: American Economic Review.
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Date of creation: Aug 1998
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Diversity; bounded rationality;
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