Friday, 3 July 2015

Piketty on Political Information Aggregation

Piketty has a brief paper here
'Condorcet’s basic result, the so-called ‘Condorcet Jury Theorem’, states under which conditions majority-rule voting yields efficient information aggregation. But Condorcet also examines what information structures imply the informational efficiency of other electoral systems (indirect democracy, multi-stage voting, etc. . . .). In a sense, the recent literature surveyed in this paper represents a come-back to the original Condorcet approach.'

The problem with his approach is that, if voting uses up scarce resources, there must always be either a superior stochastic or formal Muth Rational solution.
Furthermore, concurrency deadlocks endow valuable inertial properties to Institutions. Finally, with hindsight from the vantage point of regret minimisation, it is vital that noise obtains.

1 comment:

Anonymous said...

Could you kindly post about the relationship between Panini's grammar and the Backus–Naur Form? Cheers.