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Preference Intensities in Repeated Collective Decision-Making

  • Drexl, Moritz
  • Kleiner, Andreas

We study decision rules for committees that repeatedly take a binary decision. Committee members are privately informed about their payoffs and monetary transfers are not feasible. In static environments, the only strategy-proof mechanisms are voting rules which are criticized for being inefficient as they do not condition on preference intensities. The dynamic structure of repeated decision-making allows for richer decision rules that overcome this inefficiency by making use of information on preference intensities. Nonetheless, we show that often simple voting is optimal for two-person committees. This holds for many prior type distributions and irrespective of the agents' patience.

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Paper provided by Verein für Socialpolitik / German Economic Association in its series Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order with number 79832.

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Date of creation: 2013
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Handle: RePEc:zbw:vfsc13:79832
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  1. Alessandra Casella & Aniol Llorente-Saguer & Thomas R. Palfrey, 2010. "Competitive Equilibrium in Markets for Votes," Levine's Working Paper Archive 661465000000000143, David K. Levine.
  2. Alessandra Casella & Thomas Palfrey & Raymond Riezman, 2005. "Minorities and Storable Votes," NBER Working Papers 11674, National Bureau of Economic Research, Inc.
  3. Rafael Hortala-Vallve, 2007. "Inefficiencies on Linking Decisions," Economics Series Working Papers 321, University of Oxford, Department of Economics.
  4. Dirk Bergemann & Juuso Valimaki, 2008. "The Dynamic Pivot Mechanism," Cowles Foundation Discussion Papers 1672, Cowles Foundation for Research in Economics, Yale University.
  5. 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.
  6. Casella, Alessandra, 2005. "Storable votes," Games and Economic Behavior, Elsevier, vol. 51(2), pages 391-419, May.
  7. Susan Athey & David Miller, 2006. "Efficiency in Repeated Trade with Hidden Valuations," Levine's Bibliography 784828000000000256, UCLA Department of Economics.
  8. Rafael Hortala-Vallve, 2007. "Qualitative Voting," Economics Series Working Papers 320, University of Oxford, Department of Economics.
  9. Roger B. Myerson, 1984. "Multistage Games with Communication," Discussion Papers 590, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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