Thursday, November 4, 2021 12:00 PM to 1:00 PM EDT
Online Location, Zoom Meeting
The Interdisciplinary Center for Economic Science (ICES) presents an ICES Brown Bag Lecture featuring:
George Mason University
(joint work with Mikhail Freer and César Martinelli)
Collective Deliberation: An Experiment
Please contact ICES Office Manager (firstname.lastname@example.org) for Zoom link.
We provide a model of deliberative collective choice. In this setting, players start endowed with private information (evidence) about the uncertain state of the world. Players' payoff depends on whether the collective choice matches the state of the world. The game consists of two stages: deliberation game and voting. An efficient outcome, in this case, is one where the collective choice is the same as one if all the evidence has been disclosed. We show that rational players always attain efficient outcomes in this game. However, if players are cursed efficiency cannot be guaranteed. Moreover, for the cursed players increasing the amount of information present may reduce the efficiency. We put these theoretical results to the test in the laboratory experiment.
For more information about the Brown Bag Lectures, please visit the Brown Bag Schedule homepage.