Voting Behavior and Information Aggregation in Elections with Private Information
The authors analyze two-candidate elections in which voters are uncertain about the realization of a state variable that affects the utility of all voters. They assume each voter has noisy private information about the state variable. The authors show that, in equilibrium, almost all voters ignore their private signal when voting. Nevertheless, elections fully aggregate information in the sense that the chosen candidate would not change if all private information were common knowledge.
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Volume (Year): 65 (1997)
Issue (Month): 5 (September)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Paul Milgrom & Robert J. Weber, 1981.
"A Theory of Auctions and Competitive Bidding,"
447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Wolfgang Pesendorfer & Jeroen M. Swinkels, 1997.
"The Loser's Curse and Information Aggregation in Common Value Auctions,"
Econometric Society, vol. 65(6), pages 1247-1282, November.
- Wolfgang Pesendorfer & Jeroen M. Swinkels, 1995. "The Loser's Curse and Information Aggregation in Common Value Auctions," Discussion Papers 1147, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Timothy J. Feddersen & Wolfgang Pesendorfer, 1995.
"The Swing Voter's Curse,"
1064, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Robert Wilson, 1977. "A Bidding Model of Perfect Competition," Review of Economic Studies, Oxford University Press, vol. 44(3), pages 511-518.
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