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Do Larger Committees make Better Majority Decisions with Costly Expert

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  • Newman, Jonathan

    (University of Warwick)

Abstract

I present a two-stage model of committee voting with costly expert information. For every member of the committee to observe and synthesise independent testimony of some fixed and known quality, a majority of the agents must contribute to its acquisition. When testimony is observed with positive probability, I show that adding agents to the committee depresses the probability with which any single agent contributes - due to free-riding - and demonstrate how, with some careful assumptions, the probability of reaching the correct decision should correspondingly fall with the committee size. Moreover, I show individuals will make more accurate decisions than all groups whose aggregated signals are, collectively, inferior to the expert testimony. In keeping with Mukhopadhayas (2003) seminal work on the acquisition of private signals, these findings argue against arbitrarily enlarging committees to improve the quality of majority decisions but instead propose the dichotomous choice between individual decision-makers, and collectives whose aggregated signals are more accurate than the expert signal. Further research might permit agents to choose the amount of information they acquire, or model both private and expert information as costly

Suggested Citation

  • Newman, Jonathan, 2023. "Do Larger Committees make Better Majority Decisions with Costly Expert," Warwick-Monash Economics Student Papers 61, Warwick Monash Economics Student Papers.
  • Handle: RePEc:wrk:wrkesp:61
    as

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    File URL: https://warwick.ac.uk/fac/soc/economics/research/wmesp/manage/61_-_jonathan_newman.pdf
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    References listed on IDEAS

    as
    1. Guarnaschelli, Serena & McKelvey, Richard D. & Palfrey, Thomas R., 2000. "An Experimental Study of Jury Decision Rules," American Political Science Review, Cambridge University Press, vol. 94(2), pages 407-423, June.
    2. Gerardi, Dino & Yariv, Leeat, 2008. "Information acquisition in committees," Games and Economic Behavior, Elsevier, vol. 62(2), pages 436-459, March.
    3. repec:hhs:iuiwop:487 is not listed on IDEAS
    4. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215, December.
    5. repec:fth:iniesr:487 is not listed on IDEAS
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    More about this item

    Keywords

    Information Aggregation ; Public Goods Game JEL classifications: C72 ; D72;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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