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Informative voting and condorcet jury theorems with a continuum of types

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  • Adam Meirowitz

    ()
    (Graduate School of Business, Stanford University, Stanford, CA 94305-5015, USA and Department of Politics, Princeton University, Princeton, NJ 08544-1012, USA)

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    Abstract

    We consider a model of information aggregation in which there are two possible states of the world and agents receive private signals from the set of probability measures over the binary state space - the unit interval. For a reasonably general set of signal densities, a unique symmetric Bayesian Nash equilibrium in responsive strategies exists and voting is informative in this equilibrium. Asymptotic analysis shows that society makes the correct decision almost surely as population size grows. In contrast to findings of Feddersen and Pesendorfer (1998) in the finite signal space case and Duggan and Martinelli (1999) in an alternative model in which the signal space is a continuum, this result holds for unanimity rule. The key to the efficiency of unanimity rule is that there are perfectly informative (or at least nearly perfectly informative) signals. A corollary to the asymptotic efficiency result is that for all rules the collective performs better than a single agent's dictatorship for large but finite populations. This need not be true for arbitrary population sizes.

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    Bibliographic Info

    Article provided by Springer in its journal Social Choice and Welfare.

    Volume (Year): 19 (2002)
    Issue (Month): 1 ()
    Pages: 219-236

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    Handle: RePEc:spr:sochwe:v:19:y:2002:i:1:p:219-236

    Note: Received: 10 May 1999/Accepted: 25 September 2000
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    Cited by:
    1. Morton, Rebecca B. & Tyran, Jean-Robert, 2011. "Let the experts decide? Asymmetric information, abstention, and coordination in standing committees," Games and Economic Behavior, Elsevier, vol. 72(2), pages 485-509, June.
    2. Kojima, Fuhito & Takagi, Yuki, 2010. "A theory of hung juries and informative voting," Games and Economic Behavior, Elsevier, vol. 69(2), pages 498-502, July.
    3. Sourav Bhattacharya, 2013. "Preference Monotonicity and Information Aggregation in Elections," Econometrica, Econometric Society, vol. 81(3), pages 1229-1247, 05.
    4. Tsai, Tsung-Sheng, 2009. "The evaluation of majority rules in a legislative bargaining model," Journal of Comparative Economics, Elsevier, vol. 37(4), pages 674-684, December.
    5. Patrick Hummel, 2012. "Deliberation in large juries with diverse preferences," Public Choice, Springer, vol. 150(3), pages 595-608, March.
    6. Hummel, Patrick, 2011. "Information aggregation in multicandidate elections under plurality rule and runoff voting," Mathematical Social Sciences, Elsevier, vol. 62(1), pages 1-6, July.
    7. Sourav Bhattacharya, 2013. "Condorcet Jury Theorem in a Spatial Model of Elections," Working Papers 517, University of Pittsburgh, Department of Economics, revised Nov 2013.

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