On the significance of the prior of a correct decision in committees

Ruth Ben-Yashar and Shmuel Nitzan

Theory and Decision, 2014, vol. 76, issue 3, 317-327

Abstract: The current note clarifies why, in committees, the prior probability of a correct collective choice might be of particular significance and possibly should sometimes even be the sole appropriate basis for making the collective decision. In particular, we present sufficient conditions for the superiority of a rule based solely on the prior relative to the simple majority rule, even when the decisional skills of the committee members are assumed to be homogeneous. Copyright Springer Science+Business Media New York 2014

Keywords: Committee; Optimal decision rule; Majority rule; Prior-based rule (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:theord:v:76:y:2014:i:3:p:317-327

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DOI: 10.1007/s11238-013-9362-7

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