Costly information acquisition. Is it better to toss a coin?
Author
Abstract
Suggested Citation
DOI: 10.1016/j.geb.2013.07.008
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Austen-Smith, David & Banks, Jeffrey S., 1996. "Information Aggregation, Rationality, and the Condorcet Jury Theorem," American Political Science Review, Cambridge University Press, vol. 90(1), pages 34-45, March.
- Gerling, Kerstin & Gruner, Hans Peter & Kiel, Alexandra & Schulte, Elisabeth, 2005.
"Information acquisition and decision making in committees: A survey,"
European Journal of Political Economy, Elsevier, vol. 21(3), pages 563-597, September.
- Gerling, Kerstin & Grüner, Hans Peter & Kiel, Alexandra & Schulte, Elisabeth, 2003. "Information acquisition and decision making in committees: a survey," Working Paper Series 256, European Central Bank.
- Myerson, Roger B., 1998.
"Extended Poisson Games and the Condorcet Jury Theorem,"
Games and Economic Behavior, Elsevier, vol. 25(1), pages 111-131, October.
- Roger B. Myerson, 1994. "Extended Poisson Games and the Condorcet Jury Theorem," Discussion Papers 1103, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- César Martinelli, 2007.
"Rational ignorance and voting behavior,"
International Journal of Game Theory, Springer;Game Theory Society, vol. 35(3), pages 315-335, February.
- César Martinelli, 2005. "Rational Ignorance and Voting Behavior," Levine's Bibliography 784828000000000461, UCLA Department of Economics.
- Cesar Martinelli, 2005. "Rational Ignorance and Voting Behavior," Working Papers 0505, Centro de Investigacion Economica, ITAM.
- Timothy Feddersen & Wolfgang Pesendorfer, 1997.
"Voting Behavior and Information Aggregation in Elections with Private Information,"
Econometrica, Econometric Society, vol. 65(5), pages 1029-1058, September.
- Timothy Feddersen & Wolfgang Pesendorfer, 1994. "Voting Behavior and Information Aggregation in Elections with Private Information," Discussion Papers 1117, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections With Private Information," Levine's Working Paper Archive 1560, David K. Levine.
- Martinelli, Cesar, 2006.
"Would rational voters acquire costly information?,"
Journal of Economic Theory, Elsevier, vol. 129(1), pages 225-251, July.
- Cesar Martinelli, 2002. "Would Rational Voters Acquire Costly Information?," Working Papers 0210, Centro de Investigacion Economica, ITAM.
- César Martinelli, 2004. "Would Rational Voters Acquire Costly Information?," Levine's Bibliography 122247000000000593, UCLA Department of Economics.
- Robert J. Blendon, 1997. "Bridging the Gap between the Public's and Economists' Views of the Economy," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 105-118, Summer.
- repec:esx:essedp:733 is not listed on IDEAS
- Caplan, Bryan, 2001. "What Makes People Think Like Economists? Evidence on Economic Cognition from the "Survey of Americans and Economists on the Economy."," Journal of Law and Economics, University of Chicago Press, vol. 44(2), pages 395-426, October.
- Feddersen, Timothy J & Pesendorfer, Wolfgang, 1996.
"The Swing Voter's Curse,"
American Economic Review, American Economic Association, vol. 86(3), pages 408-424, June.
- Timothy J. Feddersen & Wolfgang Pesendorfer, 1995. "The Swing Voter's Curse," Discussion Papers 1064, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Feddersen, Timothy & Sandroni, Alvaro, 2006. "Ethical Voters and Costly Information Acquisition," Quarterly Journal of Political Science, now publishers, vol. 1(3), pages 287-311, July.
- Vijay Krishna & John Morgan, 2011.
"Overcoming Ideological Bias in Elections,"
Journal of Political Economy, University of Chicago Press, vol. 119(2), pages 183-211.
- Vijay Krishna & John Morgan, 2010. "Overcoming Ideological Bias in Elections," NajEcon Working Paper Reviews 814577000000000498, www.najecon.org.
- Wit, Jorgen, 1998. "Rational Choice and the Condorcet Jury Theorem," Games and Economic Behavior, Elsevier, vol. 22(2), pages 364-376, February.
- , & ,, 2009. "A resurrection of the Condorcet Jury Theorem," Theoretical Economics, Econometric Society, vol. 4(2), June.
- Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
- Oliveros, S, 2013. "Aggregation of endogenous information in large elections," Economics Discussion Papers 8984, University of Essex, Department of Economics.
- Timothy Feddersen & Alvaro Sandroni, 2006. "A Theory of Participation in Elections," American Economic Review, American Economic Association, vol. 96(4), pages 1271-1282, September.
- Li Hao & Wing Suen, 2009.
"Viewpoint: Decision-making in committees,"
Canadian Journal of Economics, Canadian Economics Association, vol. 42(2), pages 359-392, May.
- Li Hao & Wing Suen, 2009. "Viewpoint: Decision‐making in committees," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 42(2), pages 359-392, May.
- Krishna, Vijay & Morgan, John, 2012. "Voluntary voting: Costs and benefits," Journal of Economic Theory, Elsevier, vol. 147(6), pages 2083-2123.
- Daniel Berend & Jacob Paroush, 1998. "When is Condorcet's Jury Theorem valid?," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 15(4), pages 481-488.
- Nordin, Mattias, 2009. "The effect of information on voting behavior," Working Paper Series 2009:14, Uppsala University, Department of Economics.
- Nicola Persico, 2004. "Committee Design with Endogenous Information," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 71(1), pages 165-191.
- Gerardi, Dino & Yariv, Leeat, 2007. "Deliberative voting," Journal of Economic Theory, Elsevier, vol. 134(1), pages 317-338, May.
- Joseph C. McMurray, 2013. "Aggregating Information by Voting: The Wisdom of the Experts versus the Wisdom of the Masses," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(1), pages 277-312.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Guha Brishti, 2020. "Pretrial Beliefs and Verdict Accuracy: Costly Juror Effort and Free Riding," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 20(2), pages 1-9, June.
- Helios Herrera & Aniol Llorente-Saguer & Joseph C McMurray, 2019.
"The Marginal Voter's Curse,"
The Economic Journal, Royal Economic Society, vol. 129(624), pages 3137-3153.
- Helios Herrera & Aniol Llorente-Saguer & Joseph C. McMurray, 2016. "The Marginal Voter's Curse," Working Papers 798, Queen Mary University of London, School of Economics and Finance.
- Helios Herrera & Aniol Llorente-Saguer & Joseph C. McMurray, 2016. "The Marginal Voter's Curse," Working Papers 798, Queen Mary University of London, School of Economics and Finance.
- Herrera, Helios & Llorente-Saguer, Aniol & McMurray, Joseph C., 2016. "The Marginal Voter's Curse," CEPR Discussion Papers 11463, C.E.P.R. Discussion Papers.
- Guha Brishti, 2020. "Should Jurors Deliberate?," Review of Law & Economics, De Gruyter, vol. 16(2), pages 1-27, July.
- Guha, Brishti, 2018.
"Secret ballots and costly information gathering: The jury size problem revisited,"
International Review of Law and Economics, Elsevier, vol. 54(C), pages 58-67.
- Guha, Brishti, 2016. "Secret ballots and costly information gathering: the jury size problem revisited," MPRA Paper 73048, University Library of Munich, Germany.
- Gersbach, Hans & Mamageishvili, Akaki & Tejada, Oriol, 2020. "Appointed Learning for the Common Good: Optimal Committee Size and Efficient Rewards," CEPR Discussion Papers 15311, C.E.P.R. Discussion Papers.
- Gersbach, Hans & Mamageishvili, Akaki & Tejada, Oriol, 2022. "Appointed learning for the common good: Optimal committee size and monetary transfers," Games and Economic Behavior, Elsevier, vol. 136(C), pages 153-176.
- Jun Chen, 2021. "The Condorcet Jury Theorem with Information Acquisition," Games, MDPI, vol. 12(4), pages 1-33, October.
- Guha, Brishti, 2017. "Should Jurors Deliberate?," MPRA Paper 79876, University Library of Munich, Germany.
- Joseph McMurray, 2015. "The paradox of information and voter turnout," Public Choice, Springer, vol. 165(1), pages 13-23, October.
- Guha, Brishti, 2022. "Ambiguity aversion, group size, and deliberation: Costly information and decision accuracy," Journal of Economic Behavior & Organization, Elsevier, vol. 201(C), pages 115-133.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Jun Chen, 2021. "The Condorcet Jury Theorem with Information Acquisition," Games, MDPI, vol. 12(4), pages 1-33, October.
- Matteo Triossiv, 2010. "Costly information acquisition. Better to toss a coin?," Documentos de Trabajo 267, Centro de Economía Aplicada, Universidad de Chile.
- Bouton, Laurent & Castanheira, Micael & Llorente-Saguer, Aniol, 2016.
"Divided majority and information aggregation: Theory and experiment,"
Journal of Public Economics, Elsevier, vol. 134(C), pages 114-128.
- Castanheira, Micael & Bouton, Laurent & Llorente-Saguer, Aniol, 2012. "Divided Majority and Information Aggregation: Theory and Experiment," CEPR Discussion Papers 9234, C.E.P.R. Discussion Papers.
- Laurent Bouton & Micael Castanheira & Aniol Llorente-Saguer, 2012. "Divided Majority and Information Aggregation: Theory and Experiment," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2012_20, Max Planck Institute for Research on Collective Goods.
- Laurent Bouton & Micael Castanheira & Aniol Llorente-Saguer, 2015. "Divided Majority and Information Aggregation: Theory and Experiment," Working Papers 777, Queen Mary University of London, School of Economics and Finance.
- Micael Castanheira De Moura & Laurent Bouton & A. Llorente-Saguer, 2016. "Divided Majority and Information Aggregation: Theory and Experiment," ULB Institutional Repository 2013/242105, ULB -- Universite Libre de Bruxelles.
- Großer, Jens & Seebauer, Michael, 2016. "The curse of uninformed voting: An experimental study," Games and Economic Behavior, Elsevier, vol. 97(C), pages 205-226.
- Gersbach, Hans & Mamageishvili, Akaki & Tejada, Oriol, 2022. "Appointed learning for the common good: Optimal committee size and monetary transfers," Games and Economic Behavior, Elsevier, vol. 136(C), pages 153-176.
- Krishna, Vijay & Morgan, John, 2012. "Voluntary voting: Costs and benefits," Journal of Economic Theory, Elsevier, vol. 147(6), pages 2083-2123.
- Li Hao & Wing Suen, 2009.
"Viewpoint: Decision-making in committees,"
Canadian Journal of Economics, Canadian Economics Association, vol. 42(2), pages 359-392, May.
- Li Hao & Wing Suen, 2009. "Viewpoint: Decision‐making in committees," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 42(2), pages 359-392, May.
- Volker Hahn, 2012.
"On the Optimal Size of Committees of Experts,"
Working Paper Series of the Department of Economics, University of Konstanz
2012-24, Department of Economics, University of Konstanz.
- Hahn, Volker, 2012. "On the Optimal Size of Committees of Experts," VfS Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 62041, Verein für Socialpolitik / German Economic Association.
- Sourav Bhattacharya, 2006. "Preference Monotonicity and Information Aggregation in Elections," Working Paper 325, Department of Economics, University of Pittsburgh, revised Dec 2008.
- Gersbach, Hans & Mamageishvili, Akaki & Tejada, Oriol, 2020. "Appointed Learning for the Common Good: Optimal Committee Size and Efficient Rewards," CEPR Discussion Papers 15311, C.E.P.R. Discussion Papers.
- Bruns, Christian, 2013.
"Elections and Market Provision of Information,"
VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order
79857, Verein für Socialpolitik / German Economic Association.
- Christian Bruns, 2013. "Elections and Market Provision of Information," CESifo Working Paper Series 4091, CESifo.
- Volker Hahn, 2017. "On the drawbacks of large committees," International Journal of Game Theory, Springer;Game Theory Society, vol. 46(2), pages 563-582, May.
- Robbett, Andrea & Matthews, Peter Hans, 2018. "Partisan bias and expressive voting," Journal of Public Economics, Elsevier, vol. 157(C), pages 107-120.
- Chan, Jimmy & Gupta, Seher & Li, Fei & Wang, Yun, 2019.
"Pivotal persuasion,"
Journal of Economic Theory, Elsevier, vol. 180(C), pages 178-202.
- Jimmy Chan & Seher Gupta & Fei Li & Yun Wang, 2018. "Pivotal Persuasion," Working Papers 2018-11-03, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University.
- Gratton, Gabriele, 2014.
"Pandering and electoral competition,"
Games and Economic Behavior, Elsevier, vol. 84(C), pages 163-179.
- Gabriele Gratton, 2013. "Pandering and Electoral Competition," Discussion Papers 2012-22B, School of Economics, The University of New South Wales.
- Mengel, Friederike & Rivas, Javier, 2017.
"Common value elections with private information and informative priors: Theory and experiments,"
Games and Economic Behavior, Elsevier, vol. 104(C), pages 190-221.
- Javier Rivas Ruiz & F Mengel, 2015. "Common value elections with private information and informative priors: theory and experiments," Department of Economics Working Papers 44/15, University of Bath, Department of Economics.
- Laurent Bouton & Aniol Llorente-Saguer & Frédéric Malherbe, 2014.
"Get Rid of Unanimity: The Superiority of Majority Rule with Veto Power,"
NBER Working Papers
20417, National Bureau of Economic Research, Inc.
- Bouton, Laurent & Llorente-Saguer, Aniol & Malherbe, Frédéric, 2015. "Get Rid of Unanimity: The Superiority of Majority Rule with Veto Power," CEPR Discussion Papers 10408, C.E.P.R. Discussion Papers.
- Laurent Bouto & Aniol Llorente-Saguer & Fédéric Malherbe, 2014. "Get Rid of Unanimity: The Superiority of Majority Rule with Veto Power," Working Papers 722, Queen Mary University of London, School of Economics and Finance.
- Laurent Bouto & Aniol Llorente-Saguer & Fédéric Malherbe, 2014.
"Get Rid of Unanimity: The Superiority of Majority Rule with Veto Power,"
Working Papers
722, Queen Mary University of London, School of Economics and Finance.
- Laurent Bouton & Aniol Llorente-Saguer & Frédéric Malherbe, 2014. "Get Rid of Unanimity: The Superiority of Majority Rule with Veto Power," Working Papers 722, Queen Mary University of London, School of Economics and Finance.
- Laurent Bouton & Aniol Llorente-Saguer & Frédéric Malherbe, 2014. "Get Rid of Unanimity: The Superiority of Majority Rule with Veto Power," NBER Working Papers 20417, National Bureau of Economic Research, Inc.
- Bouton, Laurent & Llorente-Saguer, Aniol & Malherbe, Frédéric, 2015. "Get Rid of Unanimity: The Superiority of Majority Rule with Veto Power," CEPR Discussion Papers 10408, C.E.P.R. Discussion Papers.
- Tajika, Tomoya, 2022. "Voting on tricky questions," Games and Economic Behavior, Elsevier, vol. 132(C), pages 380-389.
- Bhattacharya, Sourav & Duffy, John & Kim, Sun-Tak, 2014. "Compulsory versus voluntary voting: An experimental study," Games and Economic Behavior, Elsevier, vol. 84(C), pages 111-131.
More about this item
Keywords
Endogenous information acquisition; Heterogeneity; Condorcetʼs Jury Theorem;All these keywords.
JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:gamebe:v:82:y:2013:i:c:p:169-191. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/622836 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.