The Condorcet jury theorem (CJT) is the probabilistic foundation that underlies jury decision-making and collective information aggregation at large. It has nonetheless been recognized that Condorcet's adoption of a statistically implausible premise – identical competence among all individuals...

Applying a partial equilibrium model, this paper examines the role of the rate of increase in the level of professional knowledge and the role of the rate of replacement of "old" for "new" knowledge on the equilibrium concentration level in a market for professional services. The two main...

Collective contests are examined permitting heterogeneity of stakes within every competing group. Our first concern is whether unequal distribution of stakes in a group can enhance its win probability. Our second concern is whether a large stake in a group can be individually disadvantageous. We...

This paper studies collective contests with endogenous cost sharing, general effort costs and intra-group heterogeneity of prize-valuation. Our objective is to clarify the relationship between cost sharing, intra-group heterogeneity within the competing groups and the elasticity of the marginal...