Do Expert Panelists Herd? Evidence from FDA Committees

Melissa Newham*, Rune Midjord

*Corresponding author af dette arbejde

Publikation: KonferencebidragPaperForskningpeer review

Abstrakt

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.
OriginalsprogEngelsk
Publikationsdato2020
Antal sider52
StatusUdgivet - 2020
BegivenhedThe 18th Annual International Industrial Organization Conference. IIOC 2020 - Northeastern University, Boston, USA
Varighed: 1 maj 20203 maj 2020
Konferencens nummer: 18
https://cssh.northeastern.edu/economics/iioc/

Konference

KonferenceThe 18th Annual International Industrial Organization Conference. IIOC 2020
Nummer18
LokationNortheastern University
LandUSA
ByBoston
Periode01/05/202003/05/2020
Internetadresse

Emneord

  • Herd behavior
  • Expert committees
  • Structural estimation
  • FDA
  • Public health

Citationsformater