Information Aggregation in Search Committees
نویسندگان
چکیده
This paper examines how information is aggregated by a committee that has to decide when to end search. Each period, committee members observe private signals about the current alternatives, then vote whether to accept one of these alternatives or continue searching. In a pure common values setting, we extend the result of Austen-Smith and Banks (1996) to this dynamic environment: the only voting rule that induces an equilibrium in which members vote informatively based on their private signals is the voting rule that corresponds to the optimal cut-off rule used by a social planner who observes everyone’s private information. This voting rule is uniquely efficient when committee members have homogenous preferences. ∗We thank participants of the UCSD theory lunch for useful comments. †Email: [email protected]; Web: http://econ.ucsd.edu/∼snali; Address: 9500 Gilman Drive, Department of Economics, La Jolla, CA 92093-0508. ‡Email: [email protected]; Web: https://sites.google.com/site/aislinnbohren/; Address: 3718 Locust Walk, Department of Economics, Philadelphia, PA 19104.
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