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We Can't Argue Forever

Author

Listed:
  • Kata Bognar

    (Economics Department University of Michigan)

  • Lones Smith

    (Economics Department University of Michigan)

Abstract

We analyze time-costly decision-making in committees by privately informed individuals, such as juries, panels, boards, etc. In the spirit of the Coase Conjecture, we show that the decision is "almost instantaneous" when individuals entertain identical objectives. Delay can only be understood as the outcome of conflicting (biased) objectives.

Suggested Citation

  • Kata Bognar & Lones Smith, 2004. "We Can't Argue Forever," CERS-IE WORKING PAPERS 0415, Institute of Economics, Centre for Economic and Regional Studies.
    • Handle: RePEc:has:discpr:0415
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    File URL: http://www.econ.core.hu/doc/dp/dp/mtdp0415.pdf
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    References listed on IDEAS

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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. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, vol. 28(1), pages 192-200, October.
    3. Duggan, John & Martinelli, Cesar, 2001. "A Bayesian Model of Voting in Juries," Games and Economic Behavior, Elsevier, vol. 37(2), pages 259-294, November.
    4. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-180, January.
    5. Gul, Faruk & Sonnenschein, Hugo & Wilson, Robert, 1986. "Foundations of dynamic monopoly and the coase conjecture," Journal of Economic Theory, Elsevier, vol. 39(1), pages 155-190, June.
    6. Feddersen, Timothy & Pesendorfer, Wolfgang, 1998. "Convicting the Innocent: The Inferiority of Unanimous Jury Verdicts under Strategic Voting," American Political Science Review, Cambridge University Press, vol. 92(1), pages 23-35, March.
    7. Athey, Susan, 2001. "Single Crossing Properties and the Existence of Pure Strategy Equilibria in Games of Incomplete Information," Econometrica, Econometric Society, vol. 69(4), pages 861-889, July.
    8. Coughlan, Peter J., 2000. "In Defense of Unanimous Jury Verdicts: Mistrials, Communication, and Strategic Voting," American Political Science Review, Cambridge University Press, vol. 94(2), pages 375-393, June.
    9. Timothy Feddersen & Wolfgang Pesendorfer, 1996. "Convicting the Innocent: The Inferiority of Unanimous Jury Verdicts," Discussion Papers 1170, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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    Cited by:

    1. Csoka, Peter & Herings, P. Jean-Jacques & Koczy, Laszlo A., 2007. "Coherent measures of risk from a general equilibrium perspective," Journal of Banking & Finance, Elsevier, vol. 31(8), pages 2517-2534, August.
    2. András Simonovits, 2006. "Social Security Reform in the US: Lessons from Hungary," CERS-IE WORKING PAPERS 0602, Institute of Economics, Centre for Economic and Regional Studies, revised 24 Apr 2006.
    3. Iván Major, 2006. "Why do (or do not) banks share customer information? A comparison of mature private credit markets and markets in transition," CERS-IE WORKING PAPERS 0603, Institute of Economics, Centre for Economic and Regional Studies, revised 24 Apr 2006.
    4. Gabor Virag, 2006. "Outside offers and bidding costs," CERS-IE WORKING PAPERS 0610, Institute of Economics, Centre for Economic and Regional Studies, revised 30 Aug 2006.

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