Costly information acquisition. Part I: better to toss a coin?
In a common-values election with two candidates voters receive a signal about which candidate is superior. They can acquire information that improves the precision of the signal. Electors differ in their information acquisition costs. For large electorates a non negligible fraction of voters acquires information, but the quantity of informed voters and the quality of acquired information decline so fast that information aggregation fails to obtain.
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- Daniel Berend & Jacob Paroush, 1998. "When is Condorcet's Jury Theorem valid?," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 15(4), pages 481-488.
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