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We analyze an election with costly information acquisition. We compare the outcome of a large election and that of a delegation. We show that the superiority between the two mechanisms is determined by the shape of the marginal cost function.
Persistent link: https://www.econbiz.de/10005297151
We consider an axiomatic characterization of the plurality rule, which selects the alternative(s) most preferred by the largest number of individuals. We strengthen the characterization result of Yeh [Yeh, C.-H., 2008. An efficiency characterization of plurality rule in collective choice...
Persistent link: https://www.econbiz.de/10010594062