On Committees of Experts
AbstractA committee makes a decision on a project on behalf of "the public." Members of the committee agree on the a priori value of the project, and hold additional private information about its consequences. They are experts who care about the value of the project and about being considered well informed. Before voting on the project, members can exchange their private information simultaneously. We show that reputational concerns make the a priori unconventional decision more attractive and lead committees to show a united front. These results hold irrespective of whether information can be manipulated or not. Also, reputational concerns induce members to manipulate information and vote strategically if their preferences differ considerably from those of the member casting the decisive vote. Our last result is that the optimal voting rule balances the quality of information exchange and the alignment of interests of the decisive voter with those of the public. This discussion paper has resulted in a publication in the 'Quarterly Journal of Economics' , 2007, 122(1), 337-372.
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Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 05-028/1.
Date of creation: 10 Mar 2005
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Committees; communication; reputational concerns; strategic voting;
Other versions of this item:
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-04-03 (All new papers)
- NEP-CDM-2005-04-03 (Collective Decision-Making)
- NEP-GTH-2005-04-03 (Game Theory)
- NEP-POL-2005-04-03 (Positive Political Economics)
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- Hans Gersbach & Volker Hahn, 2004. "Voting Transparency, Conflicting Interests, And The Appointment Of Central Bankers," Economics and Politics, Wiley Blackwell, vol. 16, pages 321-345, November.
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