A generalized jury theorem

Authors
Publication date 2011
Series Amsterdam Center for Law & Economics working paper, 2011-12
Number of pages 22
Publisher Amsterdam: Amsterdam Center for Law & Economics, University of Amsterdam
Organisations
  • Interfacultary Research - Amsterdam Center for Law & Economics (ACLE)
  • Faculty of Economics and Business (FEB) - Amsterdam Business School Research Institute (ABS-RI)
Abstract
The literature on information-aggregation based on the Condorcet Jury Theorem focuses on binary choices. By applying well-known statistical methods to this issue, we develop a framework of analysis capable of dealing with a broader set of choices, including choices over a continuum. We obtain two main results.
First, we prove a Generalized Jury Theorem, including the Condorcet Jury Theorem as a special case. Second, we show that the Generalized Jury Theorem (rather than the Condorcet Jury Theorem) should be used to model the behavior of jurors, when jurors have a common goal and communicate before voting; the reason is that our framework allows for more efficient aggregation of information
than the traditional framework. Our findings are illustrated by means of concrete applications.
Document type Working paper
Note Also: Amsterdam Law School legal studies research paper no. 2011-39. - October 5, 2011.
Language English
Published at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1939823
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