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environments, transparency may reduce expected welfare from an ex-ante point of view: public announcements serve as a focal point …. Restricting the degree of publicity is a better-suited instrument for preventing the negative welfare effects of public …
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In Bayesian environments with private information, as described by the types of Harsanyi, how can types of agents be (statistically) disassociated from each other and how are such disassociations reflected in the agents’ knowledge structure? Conditions studied are (i) subjective independence...
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If Anne knows more than Bob about the state of the world, she may or may not know what Bob thinks, but it is always possible that she does. In other words, if the distribution of Anne's belief about the state is a mean-preserving spread of the distribution of Bob's belief, we can construct...
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When groups face difficult problems, the voice of experts may be lost in the noise of others' contributions. We present results from a 'naturally noisy' setting, a large first-year undergraduate class, in which the 'expert's voice is lost' to such a degree that it is in fact optimal for all...
Persistent link: https://www.econbiz.de/10012257743
When groups face difficult problems, the voices of experts may be lost in the noise of others' contributions. We present results from a "naturally noisy" setting, a large first-year undergraduate class, in which the expert's voice was "lost" to such a degree that bringing forward even more...
Persistent link: https://www.econbiz.de/10012432144
We study the effect of public information on collective decision-making in committees, where members can have both common and conflicting interests. In the presence of public information, the simple and efficient vote-your-signal strategy profile no longer constitutes an equilibrium under the...
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