Expert rule versus majority rule under partial information. II.
Summary: The main purpose of this paper is to clarify the connection between some characteristics of a deciding body and the probability of its making correct decisions. In our model a group of decision makers is required to select one of two alternatives. We assume the probabilities of the decision makers being correct are independent random variables distributed according to the same given distribution rule. This distribution belongs to a general family, containing the uniform distribution as a particular case. We investigate the behavior of the probability of the expert rule being optimal, as well as that of the majority rule, both as functions of the distribution parameter and the group size. The main result is that for any value of the distribution parameter the expert rule is far more likely to be optimal than the majority rule, especially as the deciding body becomes larger.
- Expert rule versus majority rule under partial information
- The optimality of the expert and majority rules under exponentially distributed competence
- Between the expert and majority rules
- Range of Asymptotic Behaviour of the Optimality Probability of the Expert and Majority Rules
- Comparison of the polar decision rules for various types of distributions
- Conditions for the optimality of simple majority decisions in pairwise choice situations
- The optimality of the expert and majority rules under exponentially distributed competence
- Comparison of the polar decision rules for various types of distributions
- Performance evaluation of some special classes of weighted majority rules
- On the significance of the prior of a correct decision in committees
- Committee, expert advice, and the weighted majority algorithm: an application to the pricing decision of a monopolist
- Ranking of decision rules with random power distribution
- General representation of epistemically optimal procedures
- Majority vote of even and odd experts in a polychotomous choice situation
- Is diversity in capabilities desirable when adding decision makers?
- The role of prior in optimal team decisions for pattern recognition
- К оценке эффективности голосующих процедур
- Between the expert and majority rules
- Range of Asymptotic Behaviour of the Optimality Probability of the Expert and Majority Rules
- Ranking of Weighted Majority Rules
- The worst case for decision-making by a majority vote
- Expert rule versus majority rule under partial information
- A general theorem and eight corollaries in search of correct decision
- The importance of expertise in group decisions
- Algorithmic calculation of the optimality probability of decision rules
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