Sequential aggregation of verifiable information

• 成果类型: Article
• 署名作者: Hahn, Volker
• 署名单位: Swiss Federal Institutes of Technology Domain; ETH Zurich
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2011.06.004
• 发表日期: 2011
• 页码: 1447-1454
• 关键词: Experts; committees; career concerns; verifiable information; information aggregation

摘要

We introduce the notion of verifiable information into a model of sequential debate among experts who are motivated by career concerns. We show that self-censorship may hamper the efficiency of information aggregation, as experts withhold evidence contradicting the conventional wisdom. In this case, silence is telling and undermines the prevailing view over time if this view is incorrect. As a result, withholding arguments about the correct state of the world is only a temporary phenomenon, and the probability of a correct decision always converges to one as the group of experts becomes large. For small groups, a simple mechanism the principal can use to improve decision-making is to appoint a devil's advocate. (C) 2011 Elsevier B.V. All rights reserved.