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Skill, value and remuneration in committees

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  • Ben-Yashar, Ruth
  • Nitzan, Shmuel

Abstract

Relatively modest difference in individual decisional skills may warrant substantial inequality in personal remunerations. This implies that the return on investment in decisional skills may be very high. These claims are illustrated applying the uncertain dichotomous choice setting while clarifying the complex relationship between the individual skills, the individual optimal decisional weights and the skill-dependent values, i.e., the individual probabilities to be pivotal.

Suggested Citation

  • Ben-Yashar, Ruth & Nitzan, Shmuel, 2019. "Skill, value and remuneration in committees," Economics Letters, Elsevier, vol. 174(C), pages 93-95.
    • Handle: RePEc:eee:ecolet:v:174:y:2019:i:c:p:93-95
    DOI: 10.1016/j.econlet.2018.10.037
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    1. Austen-Smith, David & Banks, Jeffrey S., 1996. "Information Aggregation, Rationality, and the Condorcet Jury Theorem," American Political Science Review, Cambridge University Press, vol. 90(1), pages 34-45, March.
    2. 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.
    3. Young, H. P., 1988. "Condorcet's Theory of Voting," American Political Science Review, Cambridge University Press, vol. 82(4), pages 1231-1244, December.
    4. Franz Dietrich & Christian List, 2013. "Propositionwise judgment aggregation: the general case," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 40(4), pages 1067-1095, April.
    5. Lloyd Shapley & Bernard Grofman, 1984. "Optimizing group judgmental accuracy in the presence of interdependencies," Public Choice, Springer, vol. 43(3), pages 329-343, January.
    6. 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.
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    Cited by:

    1. Ruth Ben-Yashar & Shmuel Nitzan & Tomoya Tajika, 2021. "Skill, power and marginal contribution in committees," Journal of Theoretical Politics, , vol. 33(2), pages 225-235, April.
    2. Shmuel Nitzan & Tomoya Tajika, 2022. "Inequality of decision-makers’ power and marginal contribution," Theory and Decision, Springer, vol. 92(2), pages 275-292, March.

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    More about this item

    Keywords

    Decisional skills; Optimal decisional weights; Skill-dependent power; Remuneration;
    All these keywords.

    JEL classification:

    • D7 - Microeconomics - - Analysis of Collective Decision-Making

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