Reaching a Consensus

TLDR: In this article, the authors consider a group of individuals who must act together as a team or committee, and assume that each individual in the group has his own subjective probability distribution for the unknown value of some parameter.

Abstract: Consider a group of individuals who must act together as a team or committee, and suppose that each individual in the group has his own subjective probability distribution for the unknown value of some parameter. A model is presented which describes how the group might reach agreement on a common subjective probability distribution for the parameter by pooling their individual opinions. The process leading to the consensus is explicitly described and the common distribution that is reached is explicitly determined. The model can also be applied to problems of reaching a consensus when the opinion of each member of the group is represented simply as a point estimate of the parameter rather than as a probability distribution.