The Wisdom of Strategic Voting

摘要: We study the voting game where agents' preferences are endogenously decided by the information they receive, and they can collaborate in a group. We show that strategic voting behaviors have a positive impact on leading to the "correct" decision, outperforming the common non-strategic behavior of informative voting and sincere voting. Our results give merit to strategic voting for making good decisions. To this end, we investigate a natural model, where voters' preferences between two alternatives depend on a discrete state variable that is not directly observable. Each voter receives a private signal that is correlated with the state variable. We reveal a surprising equilibrium between a strategy profile being a strong equilibrium and leading to the decision favored by the majority of agents conditioned on them knowing the ground truth (referred to as the informed majority decision): as the size of the vote goes to …