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Costly information acquisition. Is it better to toss a coin?

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  • Triossi, Matteo

Abstract

This paper presents a strategic model of common value elections with endogenous information acquisition. It proves that majoritarian elections can fail to aggregate information when voters have heterogeneous skills and provides necessary and sufficient conditions for information aggregation. Inefficiencies can be partially corrected by limiting participation to the most competent citizens, a result which provides a rational foundation for epistocratic government.

Suggested Citation

  • Triossi, Matteo, 2013. "Costly information acquisition. Is it better to toss a coin?," Games and Economic Behavior, Elsevier, vol. 82(C), pages 169-191.
  • Handle: RePEc:eee:gamebe:v:82:y:2013:i:c:p:169-191
    DOI: 10.1016/j.geb.2013.07.008
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Guha, Brishti, 2016. "Secret ballots and costly information gathering: the jury size problem revisited," MPRA Paper 73048, University Library of Munich, Germany.
    2. Guha, Brishti, 2017. "Should Jurors Deliberate?," MPRA Paper 79876, University Library of Munich, Germany.
    3. Joseph McMurray, 2015. "The paradox of information and voter turnout," Public Choice, Springer, vol. 165(1), pages 13-23, October.
    4. Herrera, Helios & Llorente-Saguer, Aniol & McMurray, Joseph C., 2016. "The Marginal Voter's Curse," CEPR Discussion Papers 11463, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

    Endogenous information acquisition; Heterogeneity; Condorcetʼs Jury Theorem;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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