Partial information on decisional competences and the desirability of the expert rule in uncertain dichotomous choice situations (Q760322): Difference between revisions

The paper analyzes the expert resolution problem by employing extended versions of the uncertain dichotomous choice model. The main purpose of this study is to illustrate how the analysis of optimal decision rules can be carried out while dispensing with the common restrictive assumption of full information regarding individual decisional competences. In contrast to most previous studies in this field we here evaluate the expert rule under alternative assumptions regarding the available partial information on judgmental competences rather than compare it in an ad hoc manner to some common alternative rules, such as simple majority rule. A fuller optimality analysis allowing the evaluation of all relevant decision rules, and not merely the expert rule, is attempted for a five-member panel of experts assuming a uniform distribution of individual competences. For three-member groups the optimality issue is resolved by assuming no information on individual competences and interpreting the expert rule as an even-chance lottery on skills.