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Would Rational Voters Acquire Costly Information?

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Author Info
Cesar Martinelli () (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

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Abstract

We analyze an election in which voters are uncertain about which of two alternatives is better for them. Voters can, however, acquire some costly information about the alternatives. As the number of voters increases, individual investment in political information declines to zero. However, the election outcome is likely to correspond to the interest of the majority if the marginal cost of information acquisition approaches zero as the information acquired becomes nearly irrelevant. Under certain conditions, the election outcome corresponds to the interests of the majority with probability approaching one. Thus, "rationally ignorant" voters are consistent with a well-informed electorate. JEL D72, D82. Keywords: voting, information acquisition, information aggregation.

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File URL: http://ftp.itam.mx/pub/academico/inves/martinelli/02-10.pdf
File Format: application/pdf
File Function: First version, 2002-07
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Publisher Info
Paper provided by Centro de Investigacion Economica, ITAM in its series Working Papers with number 0210.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 19 pages
Date of creation: Nov 2002
Date of revision:
Handle: RePEc:cie:wpaper:0210

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Related research
Keywords: voting information acquisition information aggregation

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Find related papers by JEL classification:
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Akerlof, George A & Yellen, Janet L, 1985. "Can Small Deviations from Rationality Make Significant Differences to Economic Equilibria?," American Economic Review, American Economic Association, vol. 75(4), pages 708-20, September. [Downloadable!] (restricted)
  2. Kaushik Mukhopadhaya, 2003. "Jury Size and the Free Rider Problem," Journal of Law, Economics and Organization, Oxford University Press, vol. 19(1), pages 24-44, April.
  3. Dino Gerardi & Leeat Yariv, 2003. "Putting Your Ballot Where Your Mouth Is: An Analysis of Collective Choice with Communication," UCLA Economics Working Papers 827, UCLA Department of Economics. [Downloadable!]
  4. Duggan, John & Martinelli, Cesar, 2001. "A Bayesian Model of Voting in Juries," Games and Economic Behavior, Elsevier, vol. 37(2), pages 259-294, November. [Downloadable!] (restricted)
    Other versions:
  5. David Austen-Smith & Tim Feddersen, 2002. "Deliberation and Voting Rules," Discussion Papers 1359, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  6. Grossman, Gene M & Helpman, Elhanan, 1996. "Electoral Competition and Special Interest Politics," Review of Economic Studies, Blackwell Publishing, vol. 63(2), pages 265-86, April. [Downloadable!] (restricted)
    Other versions:
  7. Gary S. Becker, 1984. "Public Policies, Pressure Groups, and Dead Weight Costs," University of Chicago - George G. Stigler Center for Study of Economy and State 35, Chicago - Center for Study of Economy and State.
    Other versions:
  8. Andreoni, James, 1988. "Privately provided public goods in a large economy: The limits of altruism," Journal of Public Economics, Elsevier, vol. 35(1), pages 57-73, February. [Downloadable!] (restricted)
  9. Feddersen, Timothy J & Pesendorfer, Wolfgang, 1996. "The Swing Voter's Curse," American Economic Review, American Economic Association, vol. 86(3), pages 408-24, June.
    Other versions:
    • 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. [Downloadable!]
  10. Coate, Stephen & Morris, Stephen, 1995. "On the Form of Transfers in Special Interests," Journal of Political Economy, University of Chicago Press, vol. 103(6), pages 1210-35, December. [Downloadable!] (restricted)
  11. 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.
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  12. Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Blackwell Publishing, vol. 71(1), pages 165-191, 01. [Downloadable!] (restricted)
  13. Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December. [Downloadable!] (restricted)
  14. Becker, Gary S, 1983. "A Theory of Competition among Pressure Groups for Political Influence," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 371-400, August. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ichiro Obara, 2006. "The Full Surplus Extraction Theorem with Hidden Actions," Levine's Bibliography 122247000000001206, UCLA Department of Economics. [Downloadable!]
    Other versions:
  2. Sourav Bhattacharya, 2006. "Preference Monotonicity and Information Aggregation in Elections," Working Papers 325, University of Pittsburgh, Department of Economics, revised Jun 2007. [Downloadable!]
  3. Vijay Krishna & John Morgan, 2008. "On the Benefits of Costly Voting," Economics Working Papers 83, Institute for Advanced Study, School of Social Science. [Downloadable!]
  4. Dezsö Szalay & Ramon Arean, 2005. "Communicating with a Team of Experts," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 05.12, Université de Lausanne, Faculté des HEC, DEEP. [Downloadable!]
  5. Minoru Kitahara & Yohei Sekiguchi, 2006. "Aggregate Accuracy under Majority Rule with Heterogeneous Cost Functions," Economics Bulletin, Economics Bulletin, vol. 4(25), pages 1-8. [Downloadable!]
  6. Dan Bernhardt & Stefan Krasa & Mattias Polborn, 2006. "Political Polarization and the Electoral Effects of Media Bias," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
    Other versions:
  7. Ichiro Obara, 2008. "The Full Surplus Extraction Theorem with Hidden Actions," Advances in Theoretical Economics, Berkeley Electronic Press, vol. 8(1), pages 1399-1399. [Downloadable!] (restricted)
  8. Valentino Larcinese, 2005. "Electoral Competition and Redistribution with Rationally Informed Voters," Contributions to Economic Analysis & Policy, Berkeley Electronic Press, vol. 4(1), pages 1366-1366. [Downloadable!] (restricted)
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