EconPapers    
Economics at your fingertips  
 

Voting in large committees with disesteem payoffs: A ‘state of the art’ model

Rune Midjord, Tomás Rodríguez and Justin Valasek ()

Games and Economic Behavior, 2017, vol. 104, issue C, 430-443

Abstract: We consider a committee of experts that decides to approve or reject an innovation on behalf of society. In addition to a payoff linked to the correctness of the committee's decision, each expert receives disesteem payoffs if he/she votes in favor of an ill-fated innovation or votes against an innovation that proves to be beneficial. We find that the predictions of the model are sensitive to the signal technology. In the standard Condorcet framework experts' signals are i.i.d. conditional on the state of the world, implying that the state of the world is approximated with arbitrary precision by a sufficiently large number of signals. Under this assumption, any combination of disesteem payoffs leads to acceptance with too high a probability. However, if this assumption is relaxed, depending on the relative size of the disesteem payoffs the committee may accept or reject the innovation with too high a probability.

Keywords: Committees; Information aggregation; Disesteem payoffs (search for similar items in EconPapers)
JEL-codes: D71 D72 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0899825617300477
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:gamebe:v:104:y:2017:i:c:p:430-443

DOI: 10.1016/j.geb.2017.03.003

Access Statistics for this article

Games and Economic Behavior is currently edited by E. Kalai

More articles in Games and Economic Behavior from Elsevier
Bibliographic data for series maintained by Catherine Liu ().

 
Page updated 2022-12-01
Handle: RePEc:eee:gamebe:v:104:y:2017:i:c:p:430-443