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Information Aggregation and Preference Heterogeneity in Committees

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Author Info

  • Elisabeth Schulte

    ()
    (Department of Economics, University of Mannheim)

Abstract

This paper is concerned with the efficiency of information aggregation in a committee whose members have heterogeneous preferences over a binary decision variable. In a first stage, agents may exchange private (decision-relevant) information which is assumed to be verifiable. Then they reach a decision via majority voting. We study different information environments and identify conditions under which full information aggregation is possible. In particular, if preferences are common knowledge and each committee member is endowed with information full information aggregation is possible despite preference heterogeneity.

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File URL: http://jeps.repec.org/papers/06-003.pdf
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Bibliographic Info

Paper provided by JEPS in its series JEPS Working Papers with number 06-003.

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Length: 45 pages
Date of creation: Oct 2006
Date of revision:
Handle: RePEc:jep:wpaper:06003

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Web page: http://jeps.repec.org/

Related research

Keywords: Information aggregation; committee decisions; preference heterogeneity;

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References

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  1. Paul Milgrom & John Roberts, 1986. "Relying on the Information of Interested Parties," RAND Journal of Economics, The RAND Corporation, vol. 17(1), pages 18-32, Spring.
  2. Timothy Feddersen & Wolfgang Pesendorfer, 1994. "Voting Behavior and Information Aggregation in Elections with Private Information," Discussion Papers 1117, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Dino Gerardi & Richard McLean & Andrew Postlewaite, 2005. "Aggregation of Expert Opinions," PIER Working Paper Archive 05-016, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  4. David Austen-Smith & Tim Feddersen, 2002. "Deliberation and Voting Rules," Discussion Papers 1359, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Timothy Feddersen & Wolfgang Pesendorfer, 1996. "Convicting the Innocent: The Inferiority of Unanimous Jury Verdicts," Discussion Papers 1170, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Wiley Blackwell, vol. 71(1), pages 165-191, 01.
  7. Dino Gerardi & Leeat Yariv, 2003. "Committee Design in the Presence of Communication," Cowles Foundation Discussion Papers 1411, Cowles Foundation for Research in Economics, Yale University.
  8. Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Oxford University Press, vol. 71(1), pages 165-191.
  9. Dino Gerardi & Leeat Yariv, 2003. "Putting Your Ballot Where you Mouth Is: An Analysis of Collective Choice," Levine's Working Paper Archive 506439000000000280, David K. Levine.
  10. Kiel, Alexandra & Gerling, Kerstin & Schulte, Elisabeth & Grüner, Hans Peter, 2003. "Information acquisition and decision making in committees: a survey," Working Paper Series 0256, European Central Bank.
  11. Abhijit Banerjee & Rohini Somanathan, 2001. "A Simple Model Of Voice," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 189-227, February.
  12. Elisabeth Schulte, 2012. "Communication in committees: who should listen?," Public Choice, Springer, vol. 150(1), pages 97-117, January.
  13. Doraszelski Ulrich & Gerardi Dino & Squintani Francesco, 2003. "Communication and Voting with Double-Sided Information," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 3(1), pages 1-41, August.
  14. 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.
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Citations

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Cited by:
  1. Hahn, Volker, 2011. "Sequential aggregation of verifiable information," Journal of Public Economics, Elsevier, vol. 95(11), pages 1447-1454.
  2. Elisabeth Schulte, 2012. "Communication in committees: who should listen?," Public Choice, Springer, vol. 150(1), pages 97-117, January.
  3. Prabal Roy Choudhury & Debadatta Saha, 2009. "Does the market kill bad ideas? An institutional comparision of committees and markets in network industries," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 09-05, Indian Statistical Institute, New Delhi, India.
  4. Jackson, Matthew O. & Tan, Xu, 2013. "Deliberation, disclosure of information, and voting," Journal of Economic Theory, Elsevier, vol. 148(1), pages 2-30.
  5. Jeanne Hagenbach & Frédéric Koessler & Eduardo Perez-Richet, 2012. "Certifiable Pre-Play Communication: Full Disclosure," PSE Working Papers hal-00753473, HAL.
  6. repec:hal:wpaper:hal-00753473 is not listed on IDEAS
  7. Mark Thordal-Le Quement, 2013. "Communication compatible voting rules," Theory and Decision, Springer, vol. 74(4), pages 479-507, April.

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