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Deliberation, Information Aggregation and Collective Decision Making

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Author Info

  • Otto H. Swank

    ()
    (Erasmus University Rotterdam and Tinbergen Institute)

  • Phongthorn Wrasai

    ()
    (Erasmus University Rotterdam and Tinbergen Institute)

Abstract

We study a model of collective decision making with endogenous information collection.Agents collect information about the consequences of a project, communicate, and then vote onthe project. We examine under what conditions communication may increase the probability thatgood decisions are made. Our most surprising result is that when there are no direct cost ofcommunication and communication can only help to identify the truth, more communication may reducethe probability that a correct decision is made. The reason for this result is that communicationmay aggravate the free-rider problem associated with collecting information.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 02-006/1.

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Date of creation: 22 Jan 2002
Date of revision: 03 Dec 2002
Handle: RePEc:dgr:uvatin:20020006

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Web page: http://www.tinbergen.nl

Related research

Keywords: Uncertainty; Deliberation; Learning; Collective decision making;

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Cited by:
  1. Jan Marc Berk & Beata K. Bierut, 2003. "Committee Structure and its Implications for Monetary Policy Decision-making," Tinbergen Institute Discussion Papers 03-053/2, Tinbergen Institute.
  2. Jan Marc Berk & Beata K. Bierut, 2004. "The Effects of Learning in Interactive Monetary Policy Committees," Tinbergen Institute Discussion Papers 04-029/2, Tinbergen Institute.
  3. Jan Marc Berk & Beata K. Bierut, 2004. "The Effects of Learning in Interactive Monetary Policy Committees," Tinbergen Institute Discussion Papers 04-029/2, Tinbergen Institute.
  4. Jan Marc Berk & Beata Bierut, 2004. "On the Optimality of Decisions," Tinbergen Institute Discussion Papers 04-120/2, Tinbergen Institute.
  5. Jan Marc Berk & Beata Bierut, 2009. "Communication in a monetary policy committee: a note," DNB Working Papers 226, Netherlands Central Bank, Research Department.
  6. Jan Marc Berk & Beata K. Bierut, 2005. "Communication in Monetary Policy Committees," DNB Working Papers 059, Netherlands Central Bank, Research Department.

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