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Get rid of unanimity: The superiority of majority rule with veto power

Bouton, Laurent; Llorente-Saguer, Aniol; Malherbe, … - 2014

A group of agents wants to reform the status quo if and only if this is Pareto improving. Agents have private information and may have common or private objectives, which creates a tension between information aggregation and minority protection. We analyze a simple voting system - majority rule...

Persistent link: https://www.econbiz.de/10011380983

Divided majority and information aggregation: Theory and experiment

Bouton, Laurent; Castanheira, Micael; Llorente-Saguer, Aniol - 2015

We propose a theory-based experimental approach to compare the properties of approval voting (AV) with those of plurality. This comparison is motivated by the theoretical predictions that, in our aggregate uncertainty setup, AV should produce close to first-best outcomes, while plurality will...

Persistent link: https://www.econbiz.de/10011460784

The value of and demand for diverse news sources

Calford, Evan M.; Chakraborty, Anujit - 2023

We study the value of and the demand for instrumentally-valuable information in a simple decision environment where signals are transparently polarized. We find that in both information aggregation and acquisition, subjects use sophisticated heuristics to counter the polarization in signals....

Persistent link: https://www.econbiz.de/10014474501

Civil liberties and social structure

Erol, Selman; García Jimeno, Camilo - 2024

Governments use coercion to aggregate distributed information relevant to governmental objectives-from the prosecution of regime-stability threats to terrorism or epidemics. A cohesive social structure facilitates this task, as reliable information will often come from friends and acquaintances....

Persistent link: https://www.econbiz.de/10014480555

The marginal voter's curse

Herrera, Helios; Llorente-Saguer, Aniol; McMurray, Joseph C. - 2016

This paper proposes a rational model of voter participation by generalizing a common-value model of costless voting to include not just pivotal voting but also marginal voting incentives. A new strategic incentive for abstention arises in that case, to avoid the marginal voter's curse of pushing...

Persistent link: https://www.econbiz.de/10011796522

Informational Price Cascades and Non-aggregation of Asymmetric Information in Experimental Asset Markets

Shachat, Jason; Srinivasan, Anand - 2013

We report on experimental markets for a contingent claim asset that eight subjects traded for nine periods before the state was revealed. There is an informative binary signal that arrives after each of the first eight trading rounds. In our baseline treatment the realization of the signal is...

Persistent link: https://www.econbiz.de/10010892127

Comments on Piazzesi and Schneider's "Bond positions, expectations, and the yield curve"

Faust, Jon - 2008

This working paper comments on Monika Piazzesi and Martin Schneider's 'Bond Positions, Expectations, and the Yield …

Persistent link: https://www.econbiz.de/10010292346

Bond positions, expectations, and the yield curve

Piazzesi, Monika; Schneider, Martin - 2008

This paper implements a structural model of the yield curve with data on nominal positions and survey forecasts. Bond prices are characterized in terms of investors' current portfolio holdings as well as their subjective beliefs about future bond payoffs. Risk premia measured by an...

Persistent link: https://www.econbiz.de/10010292351

Macroeconomic expectations of households amd professional forecasters

Carroll, Christopher D. - 2002

Economists have long emphasized the importance of expectations in determining macroeconomic outcomes Yet there has been … almost no recent effort to model actual empirical expectations data; instead macroeconomists usually simply assume … expectations are rational This paper shows that while empirical household expectations are not rational in the usual sense …

Persistent link: https://www.econbiz.de/10010293441

The epidemiology of macroeconomic expectations

Carroll, Christopher D. - 2001

Since the foundational work of Keynes (1936) macroeconomists have emphasized the importance of agents' expectations in … empirical expectations data instead assuming all agents' expectations are rational This paper takes up the challenge of modeling … empirical household expectations data and shows that a simple standard model from epidemiology does a remarkably good job of …

Persistent link: https://www.econbiz.de/10010293481

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