A Consensual Linear Opinion Pool (1204.5399v3)

Abstract: An important question when eliciting opinions from experts is how to aggregate the reported opinions. In this paper, we propose a pooling method to aggregate expert opinions. Intuitively, it works as if the experts were continuously updating their opinions in order to accommodate the expertise of others. Each updated opinion takes the form of a linear opinion pool, where the weight that an expert assigns to a peer's opinion is inversely related to the distance between their opinions. In other words, experts are assumed to prefer opinions that are close to their own opinions. We prove that such an updating process leads to consensus, \textit{i.e.}, the experts all converge towards the same opinion. Further, we show that if rational experts are rewarded using the quadratic scoring rule, then the assumption that they prefer opinions that are close to their own opinions follows naturally. We empirically demonstrate the efficacy of the proposed method using real-world data.