Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: May, 2013, Volume 81, Issue 3

Preference Monotonicity and Information Aggregation in Elections
p. 1229-1247

Sourav Bhattacharya

If voter preferences depend on a noisy state variable, under what conditions do large elections deliver outcomes “as if” the state were common knowledge? While the existing literature models elections using the jury metaphor where a change in information regarding the state induces all voters to switch in favor of only one alternative, we allow for more general preferences where a change in information can induce a switch in favor of either alternative. We show that information is aggregated for any voting rule if, for a randomly chosen voter, the probability of switching in favor of one alternative is strictly greater than the probability of switching away from that alternative for any given change in belief over states. If the preference distribution violates this condition, there exist equilibria that produce outcomes different from the full information outcome with high probability for large classes of voting rules. In other words, unless preferences closely conform to the jury metaphor, information aggregation is not guaranteed to obtain.

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Supplemental Material

Supplement to "Preference Monotonicity and Information Aggregation in Elections"

This online appendix refers to equations, lemmas and theorems in the main text (in print) by the respective numbers as assigned in the text.