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On the Optimal Size of Committees of Experts

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  • Volker Hahn

    () (Department of Economics, University of Konstanz, Germany)

Abstract

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.

Suggested Citation

  • Volker Hahn, 2012. "On the Optimal Size of Committees of Experts," Working Paper Series of the Department of Economics, University of Konstanz 2012-24, Department of Economics, University of Konstanz.
  • Handle: RePEc:knz:dpteco:1224
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    File URL: http://www.uni-konstanz.de/FuF/wiwi/workingpaperseries/WP_Hahn_24_12.pdf
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    References listed on IDEAS

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    Cited by:

    1. Hahn, Volker, 2017. "Committee design with endogenous participation," Games and Economic Behavior, Elsevier, vol. 102(C), pages 388-408.

    More about this item

    Keywords

    experts; committees; career concerns; veriable information; information aggregation.;

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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