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Commitee decisions: optimality and equilibrium

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Author Info

  • Laslier, Jean-François

    ()
    (École Polytechnique)

  • Weibull, Jörgen

    ()
    (Dept. of Economics, Stockholm School of Economics)

Abstract

We consider a committee facing a binary decision under uncertainty. Each member holds some private information. Members may have different preferences and initial beliefs, but they all agree which decision should be taken in each of the two states of the world. We characterize the optimal anonymous and deterministic voting rule and provide a homogeneity assumption on preferences and beliefs under which sincere voting is a Nash equilibrium for this rule. We also provide a necessary and sufficient condition for sincere voting to be an equilibrium under any deterministic majoritarian voting rule. We show that a class of slightly randomized majoritarian voting rules make sincere voting a strict and unique pure-strategy equilibrium. A slight deontological preference for sincere voting, or ex post revelation of individual votes – ”transparency” – combined with a concern for esteem, has the same effect.

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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 692.

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Length: 49 pages
Date of creation: 28 Jan 2008
Date of revision: 11 Mar 2008
Handle: RePEc:hhs:hastef:0692

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Keywords: voting; condorcet; committee; jury; judgement aggregation.;

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References

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  1. McLennan, Andrew, 2011. "Manipulation in elections with uncertain preferences," Journal of Mathematical Economics, Elsevier, vol. 47(3), pages 370-375.
  2. Ruth Ben-Yashar & Igal Milchtaich, 2007. "First and second best voting rules in committees," Social Choice and Welfare, Springer, vol. 29(3), pages 453-486, October.
  3. Al-Najjar, Nabil I. & Smorodinsky, Rann, 2000. "Pivotal Players and the Characterization of Influence," Journal of Economic Theory, Elsevier, vol. 92(2), pages 318-342, June.
  4. Bauke Visser & Otto H. Swank, 2005. "On Committees of Experts," Tinbergen Institute Discussion Papers 05-028/1, Tinbergen Institute.
  5. Dixit, Avinash & Weibull, Jörgen, 2006. "Political Polarization," Working Paper Series in Economics and Finance 655, Stockholm School of Economics, revised 12 Apr 2007.
  6. Wit, Jorgen, 1998. "Rational Choice and the Condorcet Jury Theorem," Games and Economic Behavior, Elsevier, vol. 22(2), pages 364-376, February.
  7. Roger B. Myerson, 1994. "Extended Poisson Games and the Condorcet Jury Theorem," Discussion Papers 1103, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  8. Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Wiley Blackwell, vol. 71(1), pages 165-191, 01.
  9. Job Swank & Otto H. Swank & Bauke Visser, 2008. "How Committees of Experts Interact with the Outside World: Some Theory, and Evidence from the FOMC," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 478-486, 04-05.
  10. Feddersen, Timothy J & Pesendorfer, Wolfgang, 1996. "The Swing Voter's Curse," American Economic Review, American Economic Association, vol. 86(3), pages 408-24, June.
  11. Hans Gersbach & Volker Hahn, 2008. "Should the individual voting records of central bankers be published?," Social Choice and Welfare, Springer, vol. 30(4), pages 655-683, May.
  12. Hahn, Volker, 2008. "Committees, sequential voting and transparency," Mathematical Social Sciences, Elsevier, vol. 56(3), pages 366-385, November.
  13. Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Oxford University Press, vol. 71(1), pages 165-191.
  14. Eliaz, Kfir, 2002. "Fault Tolerant Implementation," Review of Economic Studies, Wiley Blackwell, vol. 69(3), pages 589-610, July.
  15. Sah, Raaj Kumar & Stiglitz, Joseph E, 1988. "Committees, Hierarchies and Polyarchies," Economic Journal, Royal Economic Society, vol. 98(391), pages 451-70, June.
  16. Kfir Eliaz, 2002. "Fault Tolerant Implementation," Review of Economic Studies, Oxford University Press, vol. 69(3), pages 589-610.
  17. Gerardi, Dino & Yariv, Leeat, 2007. "Deliberative voting," Journal of Economic Theory, Elsevier, vol. 134(1), pages 317-338, May.
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Cited by:
  1. Tovey, Craig A., 2010. "The instability of instability of centered distributions," Mathematical Social Sciences, Elsevier, vol. 59(1), pages 53-73, January.
  2. Bezalel Peleg & Shmuel Zamir, 2009. "On Bayesian-Nash Equilibria Satisfying the Condorcet Jury Theorem: The Dependent Case," Discussion Paper Series dp527, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  3. Bezalel Peleg & Shmuel Zamir, 2008. "Condorcet Jury Theorem: The Dependent Case," Discussion Paper Series dp477, The Center for the Study of Rationality, Hebrew University, Jerusalem.

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