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Premise-Based versus Outcome-Based Information Aggregation

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  • de Clippel, Geoffroy
  • Eliaz, Kfir

Abstract

A group of rational individuals with common interest need to select one of two outcomes. The optimal decision depends on whether certain premises or pieces of evidence are established as being true, and each member receives a noisy signal of the truth value of the relevant premises. Should the group reach a decision by voting whether each premise is true or false, or should they simply vote on the outcome? We show that for any finite number of individuals, the premise-based voting rule is more efficient in aggregating information than the outcome-based rule. However, generically, the gain from using the premise-based over the outcome-based rule can only be marginal when numerous individuals express independent opinions. Indeed, the outcome-based game is almost always asymptotically efficient.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 8733.

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Date of creation: Jan 2012
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Handle: RePEc:cpr:ceprdp:8733

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Related research

Keywords: Common Interest; Discursive Dilemma; Doctrinal Paradox; Information Aggregation; Voting;

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References

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  1. Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections With Private Information," Levine's Working Paper Archive 1560, David K. Levine.
  2. Franz Dietrich & Christian List, 2004. "Strategy-proof judgment aggregation," Public Economics 0404007, EconWPA, revised 25 Jul 2005.
  3. Christian List, 2005. "The probability of inconsistencies in complex collective decisions," Social Choice and Welfare, Springer, vol. 24(1), pages 3-32, 05.
  4. Brennan, Geoffrey, 2001. "Collective coherence?," International Review of Law and Economics, Elsevier, vol. 21(2), pages 197-211, June.
  5. Bozbay Irem & Dietrich Franz & Peters Hans, 2011. "Judgment aggregation in search for the truth," Research Memorandum 040, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  6. Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Wiley Blackwell, vol. 71(1), pages 165-191, 01.
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Cited by:
  1. David S. Ahn & Santiago Oliveros, 2013. "The Condorcet Jur(ies) Theorem," Economics Discussion Papers 743, University of Essex, Department of Economics.

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