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We design an experiment to test how voters vote in a small committee election with three alternatives. Voters have common preferences that depend on an unknown state of nature. Each voter receives an imprecise private signal prior to the election and then casts a vote. The alternative with the...
Persistent link: https://www.econbiz.de/10012061937
We study the effect of public information on collective decision-making in a committee with members of both common and conflicting interests. We show that the set of preferences that allow for the existence of an informative voting equilibrium can be heavily restricted by the presence of a...
Persistent link: https://www.econbiz.de/10010512059
In this paper, we provide an explanation for why committees may behave over-cautiously. A committee of experts must decide whether to approve or reject a proposed innovation on behalf of "society." Each expert's private signal is a noisy version of what the "state of the art science" would...
Persistent link: https://www.econbiz.de/10014162207
We provide an explanation for why committees may behave over-cautiously. A committee of experts makes a decision on a proposed innovation on behalf of 'society'. Each expert's signal about the innovation's quality is generated by the available evidence and the best practices of the experts'...
Persistent link: https://www.econbiz.de/10010195361
In this paper, we consider a committee of experts that decides whether to approve or reject a proposed innovation on behalf of society. In addition to a payoff linked to the adequateness of the committee's decision, each expert receives a disesteem payoff if he/she voted in favor of an ill-fated...
Persistent link: https://www.econbiz.de/10010356364
A committee makes a decision on a project on behalf of the public. Members of the committee agree on the a priori value of the project, and hold additional private information about its consequences. They are experts who care about the value of the project and about being considered well...
Persistent link: https://www.econbiz.de/10011343285
Existing theoretical and experimental studies have established that unanimity is a poor decision rule for promoting information aggregation. Despite this, unanimity is frequently used in committees making decisions on behalf of society. This paper shows that when committee members are exposed to...
Persistent link: https://www.econbiz.de/10011696383
We develop a model of strategic information transmission from an expert with informational superiority to decision makers who vote on a proposal. We show that an expert's simple cheap talk strategy can be surprisingly effective in persuading decision makers by polarizing or unifying their...
Persistent link: https://www.econbiz.de/10012901595
We consider a committee that makes a decision on a project on behalf of 'the public'. Members of the committee agree on the a priori value of the project, and hold additional private information about its consequences. They are experts who care both about the value of the project and about being...
Persistent link: https://www.econbiz.de/10014066307
We develop a model of strategic information transmission from an outside expert with informational superiority to a group of people who make a decision by voting on a proposal. An outside expert who observes the qualities of a proposal sends a cheap talk message to decision makers with limited...
Persistent link: https://www.econbiz.de/10012953021