Daniel Berend
Senior Academic
Between the expert and majority rules
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.
| Publication language | English |
| Pages | 941-960 |
| Journal | Advances in Applied Probability |
| Volume | 35 |
| Issue number | 4 |
| Publication status | Published - 01.12.2003 |
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
