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Implementing the "Wisdom of the Crowd"

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Kremer, Ilan, Mansour, Yishay and Perry, Motty (2013) Implementing the "Wisdom of the Crowd". Working Paper. Coventry, UK: University of Warwick, Department of Economics. Warwick economics research papers series (TWERPS), Volume 2013 (Number 1024).

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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...

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Abstract

We study a novel mechanism design model in which agents each
arrive sequentially and choose one action from a set of actions with
unknown rewards. The information revealed by the principal affects
the incentives of the agents to explore and generate new information.
We characterize the optimal disclosure policy of a planner whose goal
is to maximize social welfare. One interpretation of our result is the
implementation of what is known as the "wisdom of the crowd". This
topic has become increasingly relevant with the rapid spread of the
Internet over the past decade.

Item Type: Working or Discussion Paper (Working Paper)
Subjects: H Social Sciences > HB Economic Theory
Q Science > QA Mathematics > QA76 Electronic computers. Computer science. Computer software
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Internet , Internet -- Management, Internet governance, Internet industry
Series Name: Warwick economics research papers series (TWERPS)
Publisher: University of Warwick, Department of Economics
Place of Publication: Coventry, UK
Official Date: 2013
Dates:
DateEvent
2013Published
Volume: Volume 2013
Number: Number 1024
Number of Pages: 34
Institution: University of Warwick
Status: Not Peer Reviewed
Publication Status: Published
Access rights to Published version: Open Access
Funder: Google (Firm), Israeli Centers of Research Excellence (I-CORE), Israel Science Foundation (ISF), United States-Israel Binational Science Foundation
Grant number: 4/11 (I-CORE) ; 032-1852 (ISF)

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