A Theory of Conservatism

S-Tier
Journal: Journal of Political Economy
Year: 2001
Volume: 109
Issue: 3
Pages: 617-636

Score contribution per author:

8.043 = (α=2.01 / 1 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

A free-rider problem arises when a group choice between two alternatives has to be made on the basis of privately collected evidence, leading to insufficient effort in gathering evidence and an ex ante welfare loss for the group. To alleviate the free-rider problem, the group can commit to a "conservative" rule, whereby the decision is made against the alternative favored by the group's preference or prior when evidence supports it but is not preponderant. Optimal conservatism increases private incentives to gather evidence and improves the quality of the group decision. My result explains why sometimes groups appear overly cautious toward favored alternatives.

Technical Details

RePEc Handle
repec:ucp:jpolec:v:109:y:2001:i:3:p:617-636
Journal Field
General
Author Count
1
Added to Database
2026-01-25