IDEAS home Printed from https://ideas.repec.org/a/bla/jpbect/v5y2003i3p527-539.html
   My bibliography  Save this article

Investment in Human Capital in Team Members Who Are Involved in Collective Decision Making

Author

Listed:
  • Ruth Ben‐Yashar
  • Jacob Paroush

Abstract

This paper studies an investment policy which improves the ability of team members to decide correctly. We specify sufficient conditions on the learning function such that the best policy of investment in human capital is to invest first in the least competent person. Despite the fact that team members who are endowed with more human capital contribute more to the probability that the whole team would decide correctly, the liberal policy is still optimal under these conditions. Moreover, within the dichotomous model of collective decision‐making, we show that these conditions are not so stringent.

Suggested Citation

  • Ruth Ben‐Yashar & Jacob Paroush, 2003. "Investment in Human Capital in Team Members Who Are Involved in Collective Decision Making," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 5(3), pages 527-539, July.
    • Handle: RePEc:bla:jpbect:v:5:y:2003:i:3:p:527-539
    DOI: 10.1111/1467-9779.t01-1-00146
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/1467-9779.t01-1-00146
    Download Restriction: no
    File URL: https://libkey.io/10.1111/1467-9779.t01-1-00146?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ben-Yashar, Ruth C & Nitzan, Shmuel I, 1997. "The Optimal Decision Rule for Fixed-Size Committees in Dichotomous Choice Situations: The General Result," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(1), pages 175-186, February.
    2. Nitzan, Shmuel & Paroush, Jacob, 1982. "Optimal Decision Rules in Uncertain Dichotomous Choice Situations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(2), pages 289-297, June.
    3. Karotkin, Drora & Paroush, Jacob, 1995. "Incentive schemes for investment in human capital by members of a team of decision makers," Labour Economics, Elsevier, vol. 2(1), pages 41-51, March.
    4. Ruth Ben-Yashar & Jacob Paroush, 2000. "A nonasymptotic Condorcet jury theorem," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 17(2), pages 189-199.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Malik Magdon-Ismail & Lirong Xia, 2018. "A Mathematical Model for Optimal Decisions in a Representative Democracy," Papers 1807.06157, arXiv.org.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ruth Ben-Yashar & Shmuel Nitzan, 2017. "Is diversity in capabilities desirable when adding decision makers?," Theory and Decision, Springer, vol. 82(3), pages 395-402, March.
    2. Baharad, Eyal & Ben-Yashar, Ruth & Patal, Tal, 2020. "On the merit of non-specialization in the context of majority voting," Journal of Mathematical Economics, Elsevier, vol. 87(C), pages 128-133.
    3. Ruth Ben-Yashar & Igal Milchtaich, 2003. "First and Second Best Voting Rules in Committees," Working Papers 2003-08, Bar-Ilan University, Department of Economics.
    4. Ruth Ben-Yashar & Winston Koh & Shmuel Nitzan, 2012. "Is specialization desirable in committee decision making?," Theory and Decision, Springer, vol. 72(3), pages 341-357, March.
    5. Eyal Baharad & Ruth Ben-Yashar & Shmuel Nitzan, 2020. "Variable Competence and Collective Performance: Unanimity Versus Simple Majority Rule," Group Decision and Negotiation, Springer, vol. 29(1), pages 157-167, February.
    6. Eyal Baharad & Ruth Ben-Yashar, 2009. "The robustness of the optimal weighted majority rule to probability distortion," Public Choice, Springer, vol. 139(1), pages 53-59, April.
    7. Ruth Ben-Yashar, 2014. "The generalized homogeneity assumption and the Condorcet jury theorem," Theory and Decision, Springer, vol. 77(2), pages 237-241, August.
    8. Ruth Ben-Yashar, 2023. "An application of simple majority rule to a group with an even number of voters," Theory and Decision, Springer, vol. 94(1), pages 83-95, January.
    9. Eyal Baharad & Jacob Goldberger & Moshe Koppel & Shmuel Nitzan, 2012. "Beyond Condorcet: optimal aggregation rules using voting records," Theory and Decision, Springer, vol. 72(1), pages 113-130, January.
    10. Dietrich, Franz & Spiekermann, Kai, 2016. "Jury Theorems," MPRA Paper 72951, University Library of Munich, Germany.
    11. Ben-Yashar, Ruth & Nitzan, Shmuel, 2019. "Skill, value and remuneration in committees," Economics Letters, Elsevier, vol. 174(C), pages 93-95.
    12. Ben-Yashar, Ruth & Danziger, Leif, 2011. "Symmetric and asymmetric committees," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 440-447.
    13. Bezalel Peleg & Shmuel Zamir, 2012. "Extending the Condorcet Jury Theorem to a general dependent jury," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 39(1), pages 91-125, June.
    14. Mehmet Bac & Parimal Kanti Bag, 2002. "Committee Decisions with Partisans and Side-Transfers," Theory and Decision, Springer, vol. 52(3), pages 267-286, May.
    15. Ben Abramowitz & Omer Lev & Nicholas Mattei, 2022. "Who Reviews The Reviewers? A Multi-Level Jury Problem," Papers 2211.08494, arXiv.org, revised Dec 2023.
    16. Ruth Ben‐Yashar & Miriam Krausz & Shmuel Nitzan, 2018. "Government loan guarantees and the credit decision‐making structure," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 51(2), pages 607-625, May.
    17. Sven Berg & Antonio Marañon, 2001. "Collective Decisional Skill and Decisive Voting Games - Some Results," Group Decision and Negotiation, Springer, vol. 10(5), pages 389-403, September.
    18. Ruth Ben-Yashar & Miriam Krausz & Shmuel Nitzan, 2018. "The effect of democratic decision-making on investment in reputation," Public Choice, Springer, vol. 177(1), pages 155-164, October.
    19. Chifeng Dai, 2010. "Imperfect verification, appeals, and limited liability," Journal of Regulatory Economics, Springer, vol. 37(1), pages 23-41, February.
    20. Ronald Britto, 2000. "Committee Decision Making: The Multicategory Case," Southern Economic Journal, John Wiley & Sons, vol. 66(3), pages 764-769, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jpbect:v:5:y:2003:i:3:p:527-539. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley-Blackwell Digital Licensing or Christopher F. Baum (email available below). General contact details of provider: https://edirc.repec.org/data/apettea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.