Abstract
We study the uncertain dichotomous choice model. Under some assumptions on the distribution of 'expertise' of the various panel members, the probability of the expert rule to be the optimal one is compared to that of the majority rule to be optimal. It turns out that for the former probability exceeds the latter by far, especially as the panel size becomes large.
| Original language | English |
|---|---|
| Pages (from-to) | 179-197 |
| Number of pages | 19 |
| Journal | Theory and Decision |
| Volume | 35 |
| Issue number | 2 |
| DOIs | |
| State | Published - 1 Sep 1993 |
Keywords
- collective decision-making
- decision-making
- decisional competence
- dichotomous choice
- expert rule
- jury problem
- majority rule
- optimal rule
- partial information on decisional competences
- ranked experts
- weighted majority rule
ASJC Scopus subject areas
- General Decision Sciences
- Developmental and Educational Psychology
- Arts and Humanities (miscellaneous)
- Applied Psychology
- General Social Sciences
- General Economics, Econometrics and Finance
- Computer Science Applications