We investigate an election model with costly accuracy improvement by allowing heterogeneity in the cost functions. We find that the aggregate accuracy in large elections is characterized by the average value of the inverse of the second derivative at zero information.

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 (Economic Theory 34: 575{583, 2008) by replacing <em> effciency</em> axiom by the weaker axiom called...</em>

In the U.S., the objective of consumer price index (CPI) measurement is to measure the cost of living. However, the current CPI or, in other words, cost of living index (COLI) measures the cost of living in a static optimization problem. This paper proposes a new method to construct a dynamic...

This paper analyzes an all-pay auction where the winner is determined according to the sum of the bid and a handicap endowed to all players. The bidding strategy in equilibrium is then explicitly derived as a 'piecewise affine transformation' of the equilibrium strategy in an all-pay auction...

The auctioning rule in Japanese flower markets is a slightly modi-fied version of that of the original Dutch flower auction. At Japaneseflower markets, there is an additional stage, called 'mari', where buyers who lost in the previous auction can apply for purchasing the remainder of flowers at...

An all-pay auction in which the winner is determined according to the sum of the bid and the handicap, the latter of which is endowed to the players, is analyzed. The bidding strategy in an equilibrium is explicitly derived as a "piecewise affine transformation" of the equilibrium strategy in...