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Robust Information Aggregation Through Voting

Author

Listed:
  • Rune Midjord
  • Tomás Rodríguez Barraquer
  • Justin Mattias Valasek

Abstract

Numerous theoretical studies have shown that information aggregation through voting is fragile. We consider a model of information aggregation with vote-contingent payoffs and generically characterize voting behavior in large committees. We use this characterization to identify the set of vote-contingent payoffs that lead to a unique outcome that robustly aggregates information. Generally, it is not sufficient to simply reward agents for matching their vote to the true state of the world. Instead, robust and unique information aggregation can be achieved with vote-contingent payoffs whose size varies depending on which option the committee chooses, and whether the committee decision is correct.

Suggested Citation

  • Rune Midjord & Tomás Rodríguez Barraquer & Justin Mattias Valasek, 2019. "Robust Information Aggregation Through Voting," CESifo Working Paper Series 7713, CESifo.
    • Handle: RePEc:ces:ceswps:_7713
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    References listed on IDEAS

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    1. Gilat Levy, 2007. "Decision Making in Committees: Transparency, Reputation, and Voting Rules," American Economic Review, American Economic Association, vol. 97(1), pages 150-168, March.
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    More about this item

    Keywords

    information aggregation; voting; vote-contingent payoffs;
    All these keywords.

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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