In this paper, we construct a general framework that encompasses several existing models to explore when a team performance or production functions admits an individual hiring criterion: a scoring rule applied to individuals such that the optimal team consists of the highest scoring individuals....

In this paper, we construct a general model of diverse problem solvers of limited abilities. We use this model to derive two main results: (1) a collection of diverse, bounded problem solvers can locate optimal solutions to difficult problems and (2) a collection of problem solvers of diverse...

In this paper, we develop a novel model to forecast the volatility of S&P 500 futures returns by considering measures of limits to arbitrage. When arbitrageurs face constraints on their trading strategies, option prices can become disconnected from fundamentals, resulting in a distortion that...

In this paper, we characterize a group's collective accuracy on a classification problem as a function of its diversity, size, and its member's individual accuracies. We first derive necessary and sufficient conditions on the individuals' classification models for the existence of an aggregation...

We develop a model of spatial elections that departs from the standard model in three important respects. Our parties' information of voters' preferences is limited to polls; our parties can be either office-seeking of ideological; and our parties are not perfect optimizers, i.e. they are...

THis paper studies the relationship between voters' preferences and teh composition of party platforms in teh two-party democractice elections with adaptive parties. In the model, preferences determine an electoral landscape on which parties locally adapt platforms. Varying the distribution of...

This paper introduces specialized elections. A specialized election randomly assigns each voter to one election, freeing her of voting responsibilities in other elections. By reducing voters' responsibilities, specialized elections encourage more information acquisition. Specialized elections...