Between the expert and majority rules

Daniel Berend, Luba Sapir

Research output: Contribution to journalArticlepeer-review

4 Scopus citations

Abstract

Sapir (1998) calculated the probabilities of the expert rule and of the simple majority rule being optimal under the assumption of exponentially distributed logarithmic expertise levels. Here we find the analogous probabilities for the family of restricted majority rules, including the above two extreme rules as special cases, and the family of balanced expert rules. We compare the two families, the rules within each family, and all rules of the two families with the extreme rules.

Original languageEnglish
Pages (from-to)941-960
Number of pages20
JournalAdvances in Applied Probability
Volume35
Issue number4
DOIs
StatePublished - 1 Dec 2003

Keywords

  • Balanced expert rule
  • Decision rule
  • Dichotomous choice model
  • Expert
  • Logarithmic expertise level
  • Partial information
  • Probability being optimal
  • Restricted majority rule

ASJC Scopus subject areas

  • Statistics and Probability
  • Applied Mathematics

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