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

Ruth Ben-Yashar and Jacob Paroush
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Ruth Ben-Yashar: Bar-Ilan University
Jacob Paroush: Bar-Ilan University

Journal of Public Economic Theory, 2003, vol. 5, issue 3, 527-539

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. Copyright 2003 Blackwell Publishing Inc..

Date: 2003
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