We study necessary and sufficient conditions for information to aggregate in a stylized one-shot unit-demand uniform-price prediction market. We show that, in the increasing symmetric equilibrium, the market price properly aggregates information if and only if (i) the number of realized trades is non-negligible compared to number of market participants, and (ii) there is no uncertainty about th...

It has been well-recognized that markets can aggregate less-than-perfect information across market participants. With two differently designed securities, this work examines the impact of security design on the information aggregation ability of markets in laboratory experiments. Results show that markets with one security aggregate information significantly better than markets with the other s...

In this paper we analyse elections when voters underestimate the correlation between their information sources (“correlation neglect”). We find that this cognitive bias can improve political outcomes. We show that the extreme beliefs which result from correlation neglect induce some voters to base their vote on information rather than on political preferences. We characterise conditions on the ...

Multi-robot exploration and navigation is a challenging task, especially within the swarm robotics domain, in which the individual robots have limited capabilities and have access to local information only. An interesting approach to exploration and navigation in swarm robotics is social odometry, that is, a cooperative strategy in which robots exploit odometry for individual navigation, and sh...

in this work, we define a fuzzy soft set theory and its related properties. we then define fuzzy soft aggregation operator that allows constructing more efficient decision making method. finally, we give an example which shows that the method can be successfully applied to many problems that contain uncertainties.

The aim of this paper is to model the processes of the aggregation of weighted information in a linguistic framework. Three aggregation operators of weighted linguistic information are presented: linguistic weighted disjunction (LWD) operator, linguistic weighted conjunction (LWC) operator, and linguistic weighted averaging (LWA) operator. A study of their axiomatics is presented to demonstrate...

Governments intervene in firms’ lives in a variety of ways. To enhance the efficiency of government intervention, many researchers and policy makers call for governments to make use of information contained in stock market prices. However, price informativeness is endogenous to government policy. We analyze government policy in light of this endogeneity. In some cases, it is optimal for a gover...

A group of rational individuals with common interest need to select one of two outcomes. The optimal decision depends on whether certain premises or pieces of evidence are established as being true, and each member receives a noisy signal of the truth value of the relevant premises. Should the group reach a decision by voting whether each premise is true or false, or should they simply vote on ...

I analyse informational e¢ ciency of two-alternative elections where the utility of the voters depends on the realisation of an uncertain, binary state variable about which voters receive an independent, noisy signal. I show that large elections aggregate information e¢ ciently for any voting rule in the unique equilibrium if and only if the set of voters who favour an alternative in one state ...

Balog is a location-based information aggregation system with GPS-enabled mobile phones. Balog system collects location-based information via E-mail and RSS and represents it either with association with maps or with the weblog style, i.e., entries near the location displayed in reverse chronological order. We also propose representation of metadata for location embedded in RSS and its utilizat...