We introduce the notion of verifiable information into a model of sequential debate among experts who are motivated by career concerns. We show that self-censorship may hamper the efficiency of information aggregation, as experts withhold evidence contradicting the conventional wisdom. In this...

We introduce the notion of verifiable information into a model of sequential debate among experts who are motivated by career concerns. We show that self-censorship may hamper the efficiency of information aggregation, as experts withhold evidence contradicting the conventional wisdom. In this...

We study political competition in an environment in which voters have private information about their preferences. Our framework covers models of income taxation, public-goods provision or publicly provided private goods. Politicians are vote-share-maximizers. They can propose any policy that is...

Compared with the traditional public-finance approach of a monolithic fully informed planner, earmarking of taxation is less likely to be optimal if a principal-agent setting is considered, where taxing and spending are performed by two separate agents which are monitored by the parliament. We...

We study the performance of the Quadratic Voting (QV) mechanism proposed by Lalley and Weyl (2016) in finite populations of various sizes using three decreasingly analytic but increasingly precise methods with emphasis on examples calibrated to the 2008 gay marriage referendum in California....

Serizawa [3] characterized the set of strategy-proof, individually rational, no exploitative, and non-bossy social choice functions in economies with pure public goods. He left an open question whether non-bossiness is necessary for his characterization. We will prove that non-bossiness is...

Can mechanism design save democracy? We propose a simple design that offers a chance: individuals pay for as many votes as they wish using a number of "voice credits" quadratic in the votes they buy. Only quadratic cost induces marginal costs linear in votes purchased and thus welfare optimality...

Mechanisms for Nash implementation in the literature are fragile in the sense that they fail if just one or two players do not follow their equilibrium strategy. A mechanism is outcome-robust if its equilibrium outcome is not affected by any deviating minority of players. Is Nash implementation...

A group of N individuals must choose between two collective alternatives. Under Quadratic Voting (QV), agents buy votes in favor of their preferred alternative from a clearing house, paying the square of the number of votes purchased; the sum of all votes purchased determines the outcome. We...

This online appendix proves the central result in Lalley and Weyl (Forthcoming). The full text PDF for "Qaudratic Voting: How Mechanism Design Can Radicalize Democracy" may be found here: http://ssrn.com/abstract=2003531