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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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: | Date Event 2013 Published |
| 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| Status: | Not Peer Reviewed |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 (Creative Commons open licence) |
| Date of first compliant deposit: | 11 October 2016 |
| Date of first compliant Open Access: | 11 October 2016 |
| 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) |
| URI: | https://wrap.warwick.ac.uk/59357/ |
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