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Search by committee

  • Albrecht, James
  • Anderson, Axel
  • Vroman, Susan

We consider the problem of sequential search when the decision to stop is made by a committee and show that a unique symmetric stationary equilibrium exists given a log concave distribution of rewards. We compare search by committee to the corresponding single-agent problem and show that committee members are less picky and more conservative than the single agent. We show how (i) increasing committee size holding the plurality fraction constant and (ii) increasing the plurality rule affect the equilibrium acceptance threshold and expected search duration. Finally, we show that unanimity is optimal if committee members are sufficiently patient.

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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 145 (2010)
Issue (Month): 4 (July)
Pages: 1386-1407

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Handle: RePEc:eee:jetheo:v:145:y:2010:i:4:p:1386-1407
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  1. McCall, John J, 1970. "Economics of Information and Job Search," The Quarterly Journal of Economics, MIT Press, vol. 84(1), pages 113-26, February.
  2. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
  3. Timothy Feddersen & Wolfgang Pesendorfer, 1996. "Convicting the Innocent: The Inferiority of Unanimous Jury Verdicts," Discussion Papers 1170, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Alexander Shapiro & Jos Berge, 2002. "Statistical inference of minimum rank factor analysis," Psychometrika, Springer, vol. 67(1), pages 79-94, March.
  5. Tilman Börgers, 2001. "Costly Voting," Levine's Working Paper Archive 625018000000000232, David K. Levine.
  6. Burdett, Kenneth, 1996. "Truncated means and variances," Economics Letters, Elsevier, vol. 52(3), pages 263-267, September.
  7. Mark Bagnoli & Ted Bergstrom, 2005. "Log-concave probability and its applications," Economic Theory, Springer, vol. 26(2), pages 445-469, 08.
  8. Vroman, S B, 1985. "No-Help-Wanted Signs and the Duration of Job Search," Economic Journal, Royal Economic Society, vol. 95(379), pages 767-73, September.
  9. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Western Economic Association International, vol. 14(3), pages 347-68, September.
  10. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey: Part I," Economic Inquiry, Western Economic Association International, vol. 14(2), pages 155-89, June.
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