Premise-Based versus Outcome-Based Information Aggregation
A group of rational individuals with common interest need to select one of two outcomes. The optimal decision depends on whether certain premises or pieces of evidence are established as being true, and each member receives a noisy signal of the truth value of the relevant premises. Should the group reach a decision by voting whether each premise is true or false, or should they simply vote on the outcome? We show that for any finite number of individuals, the premise-based voting rule is more efficient in aggregating information than the outcome-based rule. However, generically, the gain from using the premise-based over the outcome-based rule can only be marginal when numerous individuals express independent opinions. Indeed, the outcome-based game is almost always asymptotically efficient.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
|Date of creation:||Jan 2012|
|Contact details of provider:|| Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.|
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820
|Order Information:|| Email: |
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.:
- Bozbay, İrem & Dietrich, Franz & Peters, Hans, 2014.
"Judgment aggregation in search for the truth,"
Games and Economic Behavior,
Elsevier, vol. 87(C), pages 571-590.
- Bozbay Irem & Dietrich Franz & Peters Hans, 2011. "Judgment aggregation in search for the truth," Research Memorandum 040, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Irem Bozbay & Franz Dietrich & Hans Peters, 2014. "Judgment aggregation in search for the truth," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00978030, HAL.
- Dietrich, Franz & List, Christian, 2007. "Strategy-Proof Judgment Aggregation," Economics and Philosophy, Cambridge University Press, vol. 23(03), pages 269-300, November.
- Franz Dietrich & Christian List, 2004. "Strategy-proof judgment aggregation," Public Economics 0404007, EconWPA, revised 25 Jul 2005.
- Franz Dietrich & Christian List, 2005. "Strategy-proof judgment aggregation," LSE Research Online Documents on Economics 19299, London School of Economics and Political Science, LSE Library.
- Franz Dietrich & Christian List, 2007. "Strategy-proof judgment aggregation," LSE Research Online Documents on Economics 5812, London School of Economics and Political Science, LSE Library.
- Franz Dietrich & Christian List, 2005. "Strategy-proof judgment aggregation," STICERD - Political Economy and Public Policy Paper Series 09, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections with Private Information," Econometrica, Econometric Society, vol. 65(5), pages 1029-1058, September.
- Timothy Feddersen & Wolfgang Pesendorfer, 1994. "Voting Behavior and Information Aggregation in Elections with Private Information," Discussion Papers 1117, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections With Private Information," Levine's Working Paper Archive 1560, David K. Levine.
- repec:esx:essedp:743 is not listed on IDEAS
- Christian List, 2005. "The probability of inconsistencies in complex collective decisions," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 24(1), pages 3-32, 05.
- Brennan, Geoffrey, 2001. "Collective coherence?," International Review of Law and Economics, Elsevier, vol. 21(2), pages 197-211, June.
- Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Oxford University Press, vol. 71(1), pages 165-191.
- David S. Ahn & Santiago Oliveros, 2012. "Combinatorial Voting," Econometrica, Econometric Society, vol. 80(1), pages 89-141, 01.