On the Optimal Size of Committees of Experts
What is the optimal size of expert committees? To address this question, I present a model of a committee of experts with career concerns. Each expert may observe an argument about the state of the world but be unsure about the argument's soundness. Experts may remain silent or compete for the opportunity to announce an argument. I show that experts become more reluctant to speak in larger committees. This effect is sufficiently strong to make small groups of experts optimal. At the same time, a small committee may be superior to an individual expert.
|Date of creation:||19 Nov 2012|
|Date of revision:|
|Contact details of provider:|| Postal: D-78457 Konstanz|
Web page: http://www.wiwi.uni-konstanz.de/fb
More information through EDIRC
|Order Information:||Web: http://www.wiwi.uni-konstanz.de/fb|
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.:
- Crawford, Vincent P & Sobel, Joel, 1982.
"Strategic Information Transmission,"
Econometric Society, vol. 50(6), pages 1431-51, November.
- Robert Wilson, 1977. "A Bidding Model of Perfect Competition," Review of Economic Studies, Oxford University Press, vol. 44(3), pages 511-518.
- Hahn, Volker, 2008. "Committees, sequential voting and transparency," Mathematical Social Sciences, Elsevier, vol. 56(3), pages 366-385, November.
- Marco Ottaviani & Peter Norman Sørensen, 2006. "Reputational cheap talk," RAND Journal of Economics, RAND Corporation, vol. 37(1), pages 155-175, 03.
- Gersbach, Hans & Hahn, Volker, 2008.
"Information Acquisition and Transparency in Committees,"
CEPR Discussion Papers
6677, C.E.P.R. Discussion Papers.
- Hans Gersbach & Volker Hahn, 2012. "Information acquisition and transparency in committees," International Journal of Game Theory, Springer;Game Theory Society, vol. 41(2), pages 427-453, May.
- Timothy Feddersen & Wolfgang Pesendorfer, 1997.
"Voting Behavior and Information Aggregation in Elections With Private Information,"
Levine's Working Paper Archive
1560, David K. Levine.
- Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections with Private Information," Econometrica, Econometric Society, vol. 65(5), pages 1029-1058, September.
- Timothy Feddersen & Wolfgang Pesendorfer, 1994. "Voting Behavior and Information Aggregation in Elections with Private Information," Discussion Papers 1117, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Bengt Holmström, 1999. "Managerial Incentive Problems: A Dynamic Perspective," Review of Economic Studies, Oxford University Press, vol. 66(1), pages 169-182.
- César Martinelli, 2005.
"Rational Ignorance and Voting Behavior,"
784828000000000461, UCLA Department of Economics.
- Gerling, Kerstin & Gruner, Hans Peter & Kiel, Alexandra & Schulte, Elisabeth, 2005.
"Information acquisition and decision making in committees: A survey,"
European Journal of Political Economy,
Elsevier, vol. 21(3), pages 563-597, September.
- Kiel, Alexandra & Gerling, Kerstin & Schulte, Elisabeth & Grüner, Hans Peter, 2003. "Information acquisition and decision making in committees: a survey," Working Paper Series 0256, European Central Bank.
- Skaperdas, Stergios, 1996.
"Contest Success Functions,"
Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(2), pages 283-90, February.
- Bauke Visser & Otto H. Swank, 2007.
"On Committees of Experts,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 122(1), pages 337-372.
- Hahn, Volker, 2011.
"Sequential aggregation of verifiable information,"
Journal of Public Economics,
Elsevier, vol. 95(11), pages 1447-1454.
- Milgrom, Paul R & Weber, Robert J, 1982.
"A Theory of Auctions and Competitive Bidding,"
Econometric Society, vol. 50(5), pages 1089-1122, September.
- Ruth Ben-Yashar & Shmuel Nitzan, 2001. "The invalidity of the Condorcet Jury Theorem under endogenous decisional skills," Economics of Governance, Springer, vol. 2(3), pages 243-249, November.
- repec:rje:randje:v:37:y:2006:1:p:155-175 is not listed on IDEAS
- Bengt Holmstrom, 1999. "Managerial Incentive Problems: A Dynamic Perspective," NBER Working Papers 6875, National Bureau of Economic Research, Inc.
- Dino Gerardi & Leeat Yariv, 2008. "Costly Expertise," American Economic Review, American Economic Association, vol. 98(2), pages 187-93, May.
- Szentes, Balazs & Koriyama, Yukio, 2009. "A resurrection of the Condorcet Jury Theorem," Theoretical Economics, Econometric Society, vol. 4(2), June.
- Li Hao & Wing Suen, 2009. "Viewpoint: Decision-making in committees," Canadian Journal of Economics, Canadian Economics Association, vol. 42(2), pages 359-392, May.
- Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Oxford University Press, vol. 71(1), pages 165-191.
- Wit, Jorgen, 1998. "Rational Choice and the Condorcet Jury Theorem," Games and Economic Behavior, Elsevier, vol. 22(2), pages 364-376, February.
- Kaushik Mukhopadhaya, 2003. "Jury Size and the Free Rider Problem," Journal of Law, Economics and Organization, Oxford University Press, vol. 19(1), pages 24-44, April.
When requesting a correction, please mention this item's handle: RePEc:knz:dpteco:1224. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dr. Lisa Green)
If references are entirely missing, you can add them using this form.