✦ LIBER ✦

Information efficiency and majority decisions

✍ Scribed by Hans Gersbach

Publisher: Springer
Year: 1995
Tongue: English
Weight: 491 KB
Volume: 12
Category: Article
ISSN: 0176-1714
DOI: 10.1007/bf00186280

No coin nor oath required. For personal study only.

✦ Synopsis

The analysis is concerned with the characterization of equilibria of a two-stage voting game involving private information acquisition. Rational ignorance and information efficiency are identified. It turns out that information efficiency is not always desirable. By restricting the payoff domain, we are able to characterize completely the set of equilibria. In this case, information acquisition by few voters benefits a majority, or even the whole community. Economic Litera- ture Classification Number D70, D71, D80.

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