Optimality of the expert rule under partial information

DOI10.1023/A:1013097330252MaRDI QIDQ5960125zbMATH OpenOpenAlexFDO

Authors Daniel Berend, Luba Sapir

Publication date 11 April 2002

Published in Acta Applicandae Mathematicae (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1023/a:1013097330252

zbMATH Keywords

dichotomous choice modelexpert decision rulemajority rule

Mathematics Subject Classification ID

Management decision making, including multiple objectives (90B50) Decision theory (91B06) Voting theory (91B12)

Review text

The authors study the uncertain dichotomous choice model, in which a group of decision makers is required to select one of two alternatives. Applications of this model are relevant in medicine, management, banking and others. The simple majority rule, or to assign more weight to the opinion of members more qualified, are possible decision rules, as the extreme example of the expert decision rule; the probability of the expert rule to be optimal is considered for several types of distributions.

Recommendations

• Expert rule versus majority rule under partial information
• The optimality of the expert and majority rules under exponentially distributed competence
• Range of Asymptotic Behaviour of the Optimality Probability of the Expert and Majority Rules
• Between the expert and majority rules
• Partial information on decisional competences and the desirability of the expert rule in uncertain dichotomous choice situations

Cited in

(10)

• The optimality of the expert and majority rules under exponentially distributed competence
• Comparison of the polar decision rules for various types of distributions
• Robustness of optimal decision rules where one of the team members is exceptionally qualified
• Between the expert and majority rules
• Range of Asymptotic Behaviour of the Optimality Probability of the Expert and Majority Rules
• Expert rule versus majority rule under partial information
• Partial information on decisional competences and the desirability of the expert rule in uncertain dichotomous choice situations
• The significance of independent decisions in uncertain dichotomous choice situations
• Potential variability of decisional skills in uncertain dichotomous choice situations
• Algorithmic calculation of the optimality probability of decision rules

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