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Costly information acquisition. Part I: better to toss a coin?

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  • Matteo Triossi

Abstract

In a common-values election with two candidates voters receive a signal about which candidate is superior. They can acquire information that improves the precision of the signal. Electors differ in their information acquisition costs. For large electorates a non negligible fraction of voters acquires information, but the quantity of informed voters and the quality of acquired information decline so fast that information aggregation fails to obtain.

Suggested Citation

  • Matteo Triossi, 2008. "Costly information acquisition. Part I: better to toss a coin?," Carlo Alberto Notebooks 68, Collegio Carlo Alberto.
    • Handle: RePEc:cca:wpaper:68
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    File URL: https://www.carloalberto.org/wp-content/uploads/2018/11/no.68.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Althaus, Scott L., 1998. "Information Effects in Collective Preferences," American Political Science Review, Cambridge University Press, vol. 92(3), pages 545-558, September.
    3. 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.
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    More about this item

    Keywords

    Costly Information Acquisition; Condorcet Jury Theorem.;

    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

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