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Optimal use of scarce information: When partisan voters are socially useful

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  • Paolo Balduzzi

    ()
    (Department of Economics, University of Milan-Bicocca)

Abstract

We develop a model of simultaneous and sequential voting in a committee where members do not share their private information and do not have the same preferences. When objective functions differ, an optimal order in the sequential game can be found, leading to a unique socially optimal equilibrium. Our result rationalizes the presence of biased (i.e., partisan) voters in small committees as a way of reaching social optimality.

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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper87.pdf
File Function: First version, 2005
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Bibliographic Info

Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 87.

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Length: 35 pages
Date of creation: Mar 2005
Date of revision: Mar 2005
Handle: RePEc:mib:wpaper:87

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Related research

Keywords: voting behaviour; private information; sequential games;

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  1. Lones Smith & Peter Sorensen, 2000. "Pathological Outcomes of Observational Learning," Econometrica, Econometric Society, vol. 68(2), pages 371-398, March.
  2. Sloth Birgitte, 1993. "The Theory of Voting and Equilibria in Noncooperative Games," Games and Economic Behavior, Elsevier, vol. 5(1), pages 152-169, January.
  3. Eddie Dekel & Michele Piccione, 2000. "Sequential Voting Procedures in Symmetric Binary Elections," Journal of Political Economy, University of Chicago Press, vol. 108(1), pages 34-55, February.
  4. Timothy J. Feddersen & Wolfgang Pesendorfer, 1995. "The Swing Voter's Curse," Discussion Papers 1064, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. 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.
  6. Scharfstein, David. & Stein, Jeremy C., 1988. "Herd behavior and investment," Working papers WP 2062-88., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  7. Ottaviani, Marco & Sorensen, Peter, 2001. "Information aggregation in debate: who should speak first?," Journal of Public Economics, Elsevier, vol. 81(3), pages 393-421, September.
  8. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August.
  9. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive 1193, David K. Levine.
  10. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 1998. "Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 151-170, Summer.
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