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Čt 13.12.2012

Prof. Motty Perry: “Implementing the Wisdom of the Crowd”

Prof. Motty Perry

The Hebrew University, Jerusalem, Israel, and the University of Warwick, United Kingdom

Authors: Ilan Kremer, Yishay Mansour, and Motty Perry

Abstract: We study a novel mechanism design model in which agents arrive sequentially and each in turn chooses one action from a set of actions with unknown rewards. The information that becomes available affects the incentives of an agent to explore and generate new information. We characterize the optimal disclosure policy of a planner whose goal is to maximizes social welfare. One interpretation for our result is the implementation of what is known as the 'Wisdom of the crowds'. This topic has become more relevant during the last decade with the rapid adaptation of the Internet.

Full Text:  “Implementing the Wisdom of the Crowd”