Meetings with Costly Participation
研究人们需付费参与会议、最终决策折衷各方意见的集体决策过程，发现均衡时参与者少且立场极端，若取中位数则结果随机，与美国监管听证会证据一致。
We study a collective decision-making process in which people interested in an issue may participate, at a cost, in a meeting, and the resulting decision is a compromise among the participants' preferences. We show that the equilibrium number of participants is small and their positions are extreme, and when the compromise is the median, the outcome is likely to be random. The model and its equilibria are consistent with evidence on the procedures and outcomes of U.S. regulatory hearings.