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Preference Intensities in Repeated Collective Decision-Making

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  • Drexl, Moritz
  • Kleiner, Andreas
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    Abstract

    We study decision rules for committees that repeatedly take a binary decision. Committee members are privately informed about their payoffs and monetary transfers are not feasible. In static environments, the only strategy-proof mechanisms are voting rules which are criticized for being inefficient as they do not condition on preference intensities. The dynamic structure of repeated decision-making allows for richer decision rules that overcome this inefficiency by making use of information on preference intensities. Nonetheless, we show that often simple voting is optimal for two-person committees. This holds for many prior type distributions and irrespective of the agents' patience. --

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    Paper provided by Verein für Socialpolitik / German Economic Association in its series Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order with number 79832.

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    Date of creation: 2013
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    Handle: RePEc:zbw:vfsc13:79832

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    1. Alessandra Casella & Thomas Palfrey & Raymond Riezman, 2006. "Minorities and Storable Votes," Levine's Bibliography 321307000000000199, UCLA Department of Economics.
    2. Dirk Bergemann & Juuso Välimäki, 2008. "The Dynamic Pivot Mechanism," Levine's Working Paper Archive 122247000000002340, David K. Levine.
    3. Alessandra Casella, 2002. "Storable Votes," NBER Working Papers 9189, National Bureau of Economic Research, Inc.
    4. Roger B. Myerson, 1984. "Multistage Games with Communication," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 590, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    5. Rafael Hortala-Vallve, 2012. "Qualitative voting," Journal of Theoretical Politics, , , vol. 24(4), pages 526-554, October.
    6. Alessandra Casella & Aniol Llorente-Saguer & Thomas R. Palfrey, 2012. "Competitive Equilibrium in Markets for Votes," Working Paper Series of the Max Planck Institute for Research on Collective Goods, Max Planck Institute for Research on Collective Goods 2012_03, Max Planck Institute for Research on Collective Goods.
    7. Rafael Hortala-Vallve, 2010. "Inefficiencies on linking decisions," Social Choice and Welfare, Springer, Springer, vol. 34(3), pages 471-486, March.
    8. William Fuchs & Vinicius Carrasco, 2009. "From Equals to Despots: The Dynamics of Repeated Group Decision Taking with Private Information," 2009 Meeting Papers, Society for Economic Dynamics 150, Society for Economic Dynamics.
    9. Athey, Susan & Miller, David A., 2007. "Efficiency in repeated trade with hidden valuations," Theoretical Economics, Econometric Society, Econometric Society, vol. 2(3), September.
    10. Matthew O Jackson & Hugo F Sonnenschein, 2007. "Overcoming Incentive Constraints by Linking Decisions -super-1," Econometrica, Econometric Society, Econometric Society, vol. 75(1), pages 241-257, 01.
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