Delay in Strategic Information Aggregation
AbstractWe 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 InfoPaper provided by University of Toronto, Department of Economics in its series Working Papers with number tecipa-311.
Length: 38 pages
Date of creation: 14 Feb 2008
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repeated voting; gradual concessions; small delay cost;
Find related papers by JEL classification:
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-02-23 (All new papers)
- NEP-CDM-2008-02-23 (Collective Decision-Making)
- NEP-GTH-2008-02-23 (Game Theory)
- NEP-POL-2008-02-23 (Positive Political Economics)
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