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Gründler, Klaus - 2020

Do experts adjust their policy recommendations when the facts change? We conduct a large-scale randomized experiment … among 1,224 economic experts across 109 countries that includes two treatments. The first treatment is the geographic and … randomly assigned information treatment that informs experts about the past macroeconomic performance of their country. We find …

Persistent link: https://www.econbiz.de/10012822503

Robust Information Aggregation Through Voting

Midjord, Rune - 2019

Numerous theoretical studies have shown that information aggregation through voting is fragile. We consider a model of information aggregation with vote-contingent payoffs and generically characterize voting behavior in large committees. We use this characterization to identify the set of...

Persistent link: https://www.econbiz.de/10012866804

Revenge of the Experts : Will COVID-19 Renew or Diminish Public Trust in Science?

Eichengreen, Barry; Aksoy, Cevat; Saka, Orkun - 2021

It is sometimes said that an effect of the COVID-19 pandemic will be heightened appreciation of the importance of scientific research and expertise. We test this hypothesis by examining how exposure to previous epidemics affected trust in science and scientists. Building on the “impressionable...

Persistent link: https://www.econbiz.de/10013246461

Pricing Group Membership

Bandyopadhyay, Siddhartha - 2020

We consider a model where agents differ in their ‘types' which determines their voluntary contribution towards a public good. We analyze what the equilibrium composition of groups are under centralized and centralized choice. We show that there exists a top-down sorting equilibrium i.e. an...

Persistent link: https://www.econbiz.de/10012824828

Collective Intertemporal Decisions and Heterogeneity in Groups

Glätzle-Rützle, Daniela - 2019

Many important intertemporal decisions, such as investments of firms or households, are made by groups rather than individuals. Little is known what happens to such collective decisions when group members have different incentives for waiting, because the economics literature on group decision...

Persistent link: https://www.econbiz.de/10012866616

Ideological Motives and Group Decision-Making

Engl, Florian - 2021

This paper studies experimentally when and how ideological motives shape group decision-making outcomes. Groups repeatedly decide between a monetarily preferred outcome that generates a high payoff but also an ideologically undesirable externality, or an ideologically preferred outcome that...

Persistent link: https://www.econbiz.de/10013243248

Are Groups More Rational than Individuals? A Review of Interactive Decision Making in Groups

Kugler, Tamar - 2012

Many decisions are interactive; the outcome of one party depends not only on its decisions or on acts of nature but also on the decisions of others. In the present article, we review the literature on decision making made by groups of the past 25 years. Researchers have compared the strategic...

Persistent link: https://www.econbiz.de/10013111990

Voting in small committees

Balduzzi, Paolo; Graziano, Clara; Luporini, Annalisa - 2012

A small committee has to approve/reject a project with uncertain return. Members have different preferences: some are value-maximizers, others are biased towards approval. We focus on the efficient use of scarce information when communication is not guaranteed, and we provide insights on the...

Persistent link: https://www.econbiz.de/10010280845

Reference-Dependent Preferences, Time Inconsistency, and Unfunded Pensions

Andersen, Torben M. - 2020

In the real world, public pay-as-you-go pension (PAYG) schemes are popular and co-exist with private, retirement-saving schemes. This is true even in dynamically efficient economies where such pensions offer a lower return. The classic Aaron-Samuelson result argues that, in theory, this is...

Persistent link: https://www.econbiz.de/10012834875

Present-Focused Preferences and Sin Goods Consumption at the Extensive and Intensive Margins

Kalamov, Zarko - 2020

This paper analyzes sin goods consumption when individuals exhibit present-focused preferences. It considers three types of present focus: present-bias with varying degrees of naiveté, Gul-Pesendorfer preferences, and a dual-self approach. We investigate the incentives to deviate from healthy...

Persistent link: https://www.econbiz.de/10012836009