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Implementing the “Wisdom of the Crowd”
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Kremer, Ilan, Mansour, Yishay and Perry, Motty (2014) Implementing the “Wisdom of the Crowd”. Journal of Political Economy, 122 (5). pp. 988-1012. doi:10.1086/676597 ISSN 0022-3808.
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Official URL: http://dx.doi.org/10.1086/676597
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: | Journal Article | ||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||
Library of Congress Subject Headings (LCSH): | Internet -- Economic aspects , Collective behavior -- Mathematical models | ||||||
Journal or Publication Title: | Journal of Political Economy | ||||||
Publisher: | University of Chicago Press | ||||||
ISSN: | 0022-3808 | ||||||
Official Date: | October 2014 | ||||||
Dates: |
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Volume: | 122 | ||||||
Number: | 5 | ||||||
Page Range: | pp. 988-1012 | ||||||
DOI: | 10.1086/676597 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Date of first compliant deposit: | 28 October 2016 | ||||||
Date of first compliant Open Access: | 28 October 2016 | ||||||
Funder: | Google Inter-university Center for Electronic Markets , Israeli Centers of Research Excellence (I-CORE), Israel Science Foundation (ISF) | ||||||
Grant number: | Center no. 4/11 (I-CORE), 032-1852 (ISF) |
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