Condorcet meets Ellsberg

Ellis, A.ORCID logo (2016). Condorcet meets Ellsberg. Theoretical Economics, 11(3), 865-895. https://doi.org/10.3982/TE1284
Copy

The Condorcet Jury Theorem states that given subjective expected utility maximization and common values, the equilibrium probability that the correct candidate wins goes to one as the size of the electorate goes to infinity. This paper studies strategic voting when voters have pure common values but may be ambiguity averse -- exhibit Ellsberg-type behavior -- as modeled by maxmin expected utility preferences. It provides sufficient conditions so that the equilibrium probability of the correct candidate winning the election is bounded above by one half in at least one state. As a consequence, there is no equilibrium in which information aggregates.

picture_as_pdf

picture_as_pdf
Ellis_Condorcet meets Ellsberg12.pdf
subject
Published Version
Creative Commons: Attribution-Noncommercial 4.0

Download
mail Request Copy picture_as_pdf

picture_as_pdf
__lse.ac.uk_storage_LIBRARY_Secondary_libfile_shared_repository_Content_Ellis, A_Condorcet_Ellis_Condorcet_2015.pdf
subject
Accepted Version
lock
Restricted to Registered users only

Download Request Copy

Export as

EndNote BibTeX Reference Manager Refer Atom Dublin Core JSON Multiline CSV
Export