Statistics Papers

Document Type

Journal Article

Date of this Version

12-2013

Publication Source

ACM Transactions on Economics and Computation

Volume

1

Issue

4

Start Page

20:1

Last Page

20:19

DOI

10.1145/2542174.2542176

Abstract

We study a model of consensus decision making in which a finite group of Bayesian agents has to choose between one of two courses of action. Each member of the group has a private and independent signal at his or her disposal, giving some indication as to which action is optimal. To come to a common decision, the participants perform repeated rounds of voting. In each round, each agent casts a vote in favor of one of the two courses of action, reflecting his or her current belief, and observes the votes of the rest.

We provide an efficient algorithm for the calculation the agents have to perform and show that consensus is always reached and that the probability of reaching a wrong decision decays exponentially with the number of agents.

Comments

At the time of publication, author Elchanan Mossel was affiliated with the University of California, Berkeley and Weizmann Institute of Science. Currently, he is a faculty member at the Statistics Department at the University of Pennsylvania.

Keywords

Bayesian agents, decision by consensus

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Date Posted: 27 November 2017

This document has been peer reviewed.