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An Experimental Study of Voting with Costly Delay

Listed author(s):
  • Kwiek, Maksymilian

    ()

    (University of Southampton)

  • Marreiros, Helia

    ()

    (University of Southampton)

  • Vlassopoulos, Michael

    ()

    (University of Southampton)

A conclave is a voting mechanism in which a committee selects an alternative by voting until a sufficient supermajority is reached. We study experimentally welfare properties of simple three-voter conclaves with privately known preferences over two outcomes and waiting costs. The resulting game is a form of multiplayer war of attrition. Our key finding is that, consistent with theoretical predictions, when voters are ex ante heterogeneous in terms of the intensity of their preferences the conclave leads to efficiency gains relative to simple majority voting. We also compare welfare properties of a static versus a dynamic version of a conclave. When social cost of waiting is taken into account, the dynamic conclave is superior in terms of welfare than its static version.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 9336.

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Length: 11 pages
Date of creation: Sep 2015
Publication status: published in: Economics Letters, 2016, 140, 23-26.
Handle: RePEc:iza:izadps:dp9336
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  1. Hortala-Vallve, Rafael & Llorente-Saguer, Aniol, 2010. "A simple mechanism for resolving conflict," Games and Economic Behavior, Elsevier, vol. 70(2), pages 375-391, November.
  2. Casella, Alessandra & Gelman, Andrew & Palfrey, Thomas R., 2006. "An experimental study of storable votes," Games and Economic Behavior, Elsevier, vol. 57(1), pages 123-154, October.
  3. Alessandra Casella & Thomas Palfrey & Raymond Riezman, 2013. "Minorities and Storable Votes," World Scientific Book Chapters,in: International Trade Agreements and Political Economy, chapter 15, pages 247-282 World Scientific Publishing Co. Pte. Ltd..
  4. Kwiek, Maksymilian, 2014. "Efficient voting with penalties," Discussion Paper Series In Economics And Econometrics 1419, Economics Division, School of Social Sciences, University of Southampton.
  5. Dirk Engelmann & Veronika Grimm, 2012. "Mechanisms for Efficient Voting with Private Information about Preferences," Economic Journal, Royal Economic Society, vol. 122(563), pages 1010-1041, 09.
  6. Ryan Oprea & Bart J. Wilson & Arthur Zillante, 2013. "War Of Attrition: Evidence From A Laboratory Experiment On Market Exit," Economic Inquiry, Western Economic Association International, vol. 51(4), pages 2018-2027, October.
  7. Yaron Azrieli & Semin Kim, 2014. "Pareto Efficiency And Weighted Majority Rules," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55, pages 1067-1088, November.
  8. Ponsati, Clara & Sakovics, Jozsef, 1996. "Multiperson Bargaining over Two Alternatives," Games and Economic Behavior, Elsevier, vol. 12(2), pages 226-244, February.
  9. Alessandra Casella & Aniol Llorente-Saguer & Thomas R. Palfrey, 2012. "Competitive Equilibrium in Markets for Votes," Journal of Political Economy, University of Chicago Press, vol. 120(4), pages 593-658.
  10. Perez-Castrillo, David & Veszteg, Robert F., 2007. "Choosing a common project: Experimental evidence on the multibidding mechanism," Journal of Economic Behavior & Organization, Elsevier, vol. 63(3), pages 394-411, July.
  11. Paul Klemperer & Jeremy Bulow, 1999. "The Generalized War of Attrition," American Economic Review, American Economic Association, vol. 89(1), pages 175-189, March.
  12. Casella, Alessandra, 2005. "Storable votes," Games and Economic Behavior, Elsevier, vol. 51(2), pages 391-419, May.
  13. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer;Economic Science Association, vol. 10(2), pages 171-178, June.
  14. Yoon, Kiho, 2011. "Optimal mechanism design when both allocative inefficiency and expenditure inefficiency matter," Journal of Mathematical Economics, Elsevier, vol. 47(6), pages 670-676.
  15. Matthew O Jackson & Hugo F Sonnenschein, 2007. "Overcoming Incentive Constraints by Linking Decisions -super-1," Econometrica, Econometric Society, vol. 75(1), pages 241-257, 01.
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