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Delay in Strategic Information Aggregation

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  • Ettore Damiano
  • Hao Li
  • Wing Suen

Abstract

We study a model of collective decision making in which agents vote on the decision repeatedly until they agree, with the agents receiving no exogenous new information between two voting rounds but incurring a delay cost. Although preference conflict between the agents makes information aggregation impossible in a single round of voting, in the equilibrium of the repeated voting game agents are increasingly more willing to vote their private information after each disagreement. Information is efficiently aggregated within a finite number of rounds. As delay becomes less costly, agents are less willing to vote their private information, and efficient information aggregation takes longer. Even as the delay cost converges to zero, agents are strictly better off in the repeated voting game than in any single round game for moderate degrees of initial conflict.

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Bibliographic Info

Paper provided by University of Toronto, Department of Economics in its series Working Papers with number tecipa-311.

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Length: 38 pages
Date of creation: 14 Feb 2008
Date of revision:
Handle: RePEc:tor:tecipa:tecipa-311

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Keywords: repeated voting; gradual concessions; small delay cost;

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  1. David Kreps & Robert Wilson, 1998. "Sequential Equilibria," Levine's Working Paper Archive 237, David K. Levine.
  2. Bengt Holmstrom, 1981. "Moral Hazard in Teams," Discussion Papers 471, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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  4. Fershtman Chaim & Seidmann Daniel J., 1993. "Deadline Effects and Inefficient Delay in Bargaining with Endogenous Commitment," Journal of Economic Theory, Elsevier, vol. 60(2), pages 306-321, August.
  5. Li, Duozhe, 2007. "Bargaining with history-dependent preferences," Journal of Economic Theory, Elsevier, vol. 136(1), pages 695-708, September.
  6. Joseph Farrell, 1987. "Cheap Talk, Coordination, and Entry," RAND Journal of Economics, The RAND Corporation, vol. 18(1), pages 34-39, Spring.
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  8. Muhamet Yildiz, 2004. "Waiting to Persuade," The Quarterly Journal of Economics, MIT Press, vol. 119(1), pages 223-248, February.
  9. Admati, Anat R & Perry, Motty, 1987. "Strategic Delay in Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 54(3), pages 345-64, July.
  10. Hao Li & Sherwin Rosen & Wing Suen, 2000. "Conflicts and Common Interests in Committees," Econometric Society World Congress 2000 Contributed Papers 0341, Econometric Society.
  11. Sakovics Jozsef, 1993. "Delay in Bargaining Games with Complete Information," Journal of Economic Theory, Elsevier, vol. 59(1), pages 78-95, February.
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Citations

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Cited by:
  1. Campbell, Arthur & Ederer, Florian & Spinnewijn, Johannes, 2011. "Time to Decide: Information Search and Revelation in Groups," CEPR Discussion Papers 8531, C.E.P.R. Discussion Papers.
  2. Johannes Spinnewijn & Florian Ederer & Arthur Campbell, 2011. "Information Search and Revelation in Groups," 2011 Meeting Papers 997, Society for Economic Dynamics.
  3. Damiano, Ettore & Li, Hao & Suen, Wing, 2012. "Optimal deadlines for agreements," Theoretical Economics, Econometric Society, vol. 7(2), May.
  4. Shi, Xianwen & Moldovanu, Benny, 2013. "Specialization and partisanship in committee search," Theoretical Economics, Econometric Society, vol. 8(3), September.

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