Arbeitspapier
Do expert panelists herd? Evidence from FDA committees
We develop a structural model to address the question whether, and to what extent, expert panelists engage in herd behavior when voting on important policy questions. Our data comes from FDA advisory committees voting on questions concerning the approval of new drug applications. We utilize a change in the voting procedure from sequential to simultaneous voting to identify herding. Estimates suggest that around half of the panelists are willing to vote against their private assessment if votes from previous experts indicate otherwise and, on average, 9 percent of the sequential votes are actual herd-votes. Temporary committee members are more prone to herding than regular (standing) members. We find that simultaneous voting improves information aggregation given our estimates.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Discussion Papers ; No. 1825
- Klassifikation
-
Wirtschaft
Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
Asymmetric and Private Information; Mechanism Design
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Health: General
Health: Government Policy; Regulation; Public Health
- Thema
-
herd behavior
expert committees
structural estimation
FDA
public health
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Newham, Melissa
Midjord, Rune
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Newham, Melissa
- Midjord, Rune
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2020
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