Expert Panels with Selective Investigation

Abstract

In a model of information disclosure with multiple experts we compare homogeneous panels and diverse panels. The distinguishing feature of our model is selective investigation: there are multiple aspects relevant to decision making and each expert can strategically choose some aspects to investigate. We show that homogeneous panels lead to unbalanced investigation and unbalanced action, while under diverse panels both investigations and actions are balanced. In most circumstances, diverse panels perform better than homogeneous panels.