Phase transition and information cascade in a voting model
نویسنده
چکیده
We introduce a voting model that is similar to a Keynesian beauty contest. There are two types of voters-copycat and independent-and two candidates. We find that the phase transition in this system is at the upper-limit of t where t is the time (or the number of the votes). If copycats are a majority or number half, the voting rate converges more slowly than in the binomial distribution. If independents are a majority, convergence is at the same rate as is in the binomial distribution. We also study why it is difficult to estimate the conclusion of a Keynesian beauty contest when there is information cascade.
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