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

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  • 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.

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  • 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
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    References listed on IDEAS

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    1. Nitzan, Shmuel & Paroush, Jacob, 1980. "Investment in Human Capital and Social Self Protection under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(3), pages 547-557, October.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
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    Cited by:

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

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