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Costly information acquisition. Is it better to toss a coin?

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  • Triossi, Matteo

Abstract

This paper presents a strategic model of common value elections with endogenous information acquisition. It proves that majoritarian elections can fail to aggregate information when voters have heterogeneous skills and provides necessary and sufficient conditions for information aggregation. Inefficiencies can be partially corrected by limiting participation to the most competent citizens, a result which provides a rational foundation for epistocratic government.

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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 82 (2013)
Issue (Month): C ()
Pages: 169-191

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Handle: RePEc:eee:gamebe:v:82:y:2013:i:c:p:169-191

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Web page: http://www.elsevier.com/locate/inca/622836

Related research

Keywords: Endogenous information acquisition; Heterogeneity; Condorcetʼs Jury Theorem;

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References

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