The role of information in collective decisions
Códigos JEL: D71, D83, C92
- Autores:
-
Figueroa, Nicolás
Guerra Forero, José Alberto
Silva, Francisco
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2022
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/62533
- Acceso en línea:
- http://hdl.handle.net/1992/62533
- Palabra clave:
- Collective learning
Median voter theorem
Laboratory experiment
Economía
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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The role of information in collective decisions |
| title |
The role of information in collective decisions |
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The role of information in collective decisions Collective learning Median voter theorem Laboratory experiment Economía |
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The role of information in collective decisions |
| title_full |
The role of information in collective decisions |
| title_fullStr |
The role of information in collective decisions |
| title_full_unstemmed |
The role of information in collective decisions |
| title_sort |
The role of information in collective decisions |
| dc.creator.fl_str_mv |
Figueroa, Nicolás Guerra Forero, José Alberto Silva, Francisco |
| dc.contributor.author.none.fl_str_mv |
Figueroa, Nicolás Guerra Forero, José Alberto Silva, Francisco |
| dc.subject.keyword.none.fl_str_mv |
Collective learning Median voter theorem Laboratory experiment |
| topic |
Collective learning Median voter theorem Laboratory experiment Economía |
| dc.subject.themes.es_CO.fl_str_mv |
Economía |
| description |
Códigos JEL: D71, D83, C92 |
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2022 |
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2022-10-07T13:27:08Z |
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2022-09 |
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eng |
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76 páginas |
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Universidad de los Andes |
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Facultad de Economía |
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Universidad de los Andes |
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Figueroa, Nicolás6899295f-2745-4310-ab43-56fd57c189a3600Guerra Forero, José Alberto31133600Silva, Franciscoe239caac-ef4a-479b-a08c-b2c5651037b06002022-10-07T13:27:08Z2022-10-07T13:27:08Z2022-091657-7191http://hdl.handle.net/1992/6253310.57784/1992/62533Códigos JEL: D71, D83, C92In this paper, we study collective information acquisition in groups that make decisions using majority rule. We argue both theoretically and experimentally that the median voter theorem does not apply; in general, the level of information acquired by the group is not equal to the level of information a median voter would like to acquire individually, despite agents having single peaked preferences over information. We find t hat g roups o veracquire o r underacquire information relative to what would have been predicted by the median voter theorem depending on the levels of disagreemnent among the group members both before and after information is acquired. We also discuss the impact of the failure of the median voter theorem on efficiency.En este artículo, estudiamos la adquisición colectiva de información en grupos que toman decisiones utilizando la regla de la mayoría. Argumentamos, tanto teórica como experimentalmente, que el teorema del votante mediano no aplica; en general, el nivel de información adquirido por el grupo es diferente al nivel de información que el votante mediano adquiriría individualmente, a pesar de que los agentes tienen preferencias de un solo pico sobre la información. Encontramos que los grupos sobreadquieren o subadquieren información en relación con lo que predice el teorema del votante mediano dependiendo de los niveles de desacuerdo entre los miembros del grupo tanto antes como después de adquirir la información. También discutimos el efecto sobre la eficiencia que t rae c consigo la falla del teorema del votante mediano.76 páginasapplication/pdfengUniversidad de los AndesFacultad de EconomíaDocumentos CEDE;2022-35https://ideas.repec.org/p/col/000089/020508.htmlhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2The role of information in collective decisionsDocumento de trabajoinfo:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttp://purl.org/redcol/resource_type/WPCollective learningMedian voter theoremLaboratory experimentEconomíaPublicationTEXTdcede2022-35.pdf.txtdcede2022-35.pdf.txtExtracted texttext/plain130257https://repositorio.uniandes.edu.co/bitstreams/ef36ad17-60a5-45b0-86f8-4aee147b5700/downloadd1711d1ae0f985d14a00ab45ee989e97MD53LICENSElicense.txtlicense.txttext/plain; charset=utf-81810https://repositorio.uniandes.edu.co/bitstreams/477f2e31-96a3-4c60-88f2-ca40880dae42/download5aa5c691a1ffe97abd12c2966efcb8d6MD51ORIGINALdcede2022-35.pdfdcede2022-35.pdfapplication/pdf11188089https://repositorio.uniandes.edu.co/bitstreams/055fa12e-3a05-4f3f-a3ad-f098db3eb76b/download52f5cab64af65d3c976fb64309963244MD52THUMBNAILdcede2022-35.pdf.jpgdcede2022-35.pdf.jpgIM Thumbnailimage/jpeg17359https://repositorio.uniandes.edu.co/bitstreams/36d08ef4-5dce-4401-8ae3-0ae1337f0f59/download3abbd3198a3029cfaa1549f974861dcfMD541992/62533oai:repositorio.uniandes.edu.co:1992/625332024-06-04 15:36:56.157http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.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 |