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Elections and Market Provision of Information

  • Bruns, Christian

Economists usually think that rational voters have little incentives to acquire costly information. We present a theoretical model to show that, in contrast to this widely held belief, rational voters acquire considerable amounts of information if media technology is available because then they do not condition their informational decisions on being pivotal. The model also shows that the quality of media coverage is inefficiently low because voters have incentives to free-ride. Further, we show how the quality of information depends on the size of the electorate, the prior knowledge of voters and on the technology to produce information.

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File URL: http://econstor.eu/bitstream/10419/79857/1/VfS_2013_pid_467.pdf
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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 79857.

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Date of creation: 2013
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Handle: RePEc:zbw:vfsc13:79857
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  1. Oliveros, Santiago, 2013. "Abstention, ideology and information acquisition," Journal of Economic Theory, Elsevier, vol. 148(3), pages 871-902.
  2. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
  3. César Martinelli, 2005. "Rational Ignorance and Voting Behavior," Levine's Bibliography 784828000000000461, UCLA Department of Economics.
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  5. Dino Gerardi & Leeat Yariv, 2007. "Information Acquisition in Committees," Cowles Foundation Discussion Papers 1411R, Cowles Foundation for Research in Economics, Yale University.
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  7. Kiel, Alexandra & Gerling, Kerstin & Schulte, Elisabeth & Grüner, Hans Peter, 2003. "Information acquisition and decision making in committees: a survey," Working Paper Series 0256, European Central Bank.
  8. Feddersen, Timothy & Sandroni, Alvaro, 2006. "Ethical Voters and Costly Information Acquisition," Quarterly Journal of Political Science, now publishers, vol. 1(3), pages 287-311, July.
  9. Timothy J. Feddersen & Wolfgang Pesendorfer, 1995. "The Swing Voter's Curse," Discussion Papers 1064, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  10. ALDASHEV, Gani, 2006. "Political information acquisition for social exchange," CORE Discussion Papers 2006020, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  11. Marco Battaglini & Rebecca B. Morton & Thomas R. Palfrey, 2010. "The Swing Voter's Curse in the Laboratory," Review of Economic Studies, Oxford University Press, vol. 77(1), pages 61-89.
  12. Santiago Oliveros, 2013. "Aggregation of endogenous information in large elections," Economics Discussion Papers 733, University of Essex, Department of Economics.
  13. David Str�mberg, 2004. "Mass Media Competition, Political Competition, and Public Policy," Review of Economic Studies, Oxford University Press, vol. 71(1), pages 265-284.
  14. Pecorino, Paul, 1999. "The effect of group size on public good provision in a repeated game setting," Journal of Public Economics, Elsevier, vol. 72(1), pages 121-134, April.
  15. Prat, Andrea & Strömberg, David, 2011. "The Political Economy of Mass Media," CEPR Discussion Papers 8246, C.E.P.R. Discussion Papers.
  16. Martinelli, Cesar, 2006. "Would rational voters acquire costly information?," Journal of Economic Theory, Elsevier, vol. 129(1), pages 225-251, July.
  17. Kaushik Mukhopadhaya, 2003. "Jury Size and the Free Rider Problem," Journal of Law, Economics and Organization, Oxford University Press, vol. 19(1), pages 24-44, April.
  18. Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Oxford University Press, vol. 71(1), pages 165-191.
  19. Cesar Martinelli, 2011. "Ignorance and Naivete in Large Elections," Working Papers 1107, Centro de Investigacion Economica, ITAM.
  20. Hao Li, 2001. "A Theory of Conservatism," Journal of Political Economy, University of Chicago Press, vol. 109(3), pages 617-636, June.
  21. Nicola Persico, 2004. "Committee Design with Endogenous Information," Review of Economic Studies, Wiley Blackwell, vol. 71(1), pages 165-191, 01.
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