Closed-form characterization of cut-offs in the public-payoff Markov equilibrium

Derive closed-form expressions for the multiple cut-offs that characterize the unique Markov equilibrium in undominated strategies in the exponential bandit voting model with publicly observed payoff streams, particularly in the large-population regime, to enable analysis of information aggregation.

Background

In the publicly observed payoff variant, the equilibrium is said to be characterized by numerous cut-offs when the number of agents grows large. The absence of closed-form expressions for these cut-offs prevents the authors from resolving whether information aggregation occurs in the large-N limit.

Obtaining closed-form cut-offs would facilitate a direct analysis analogous to the private-payoff case and clarify whether the collective decision converges to the state-contingent efficient action as information accumulates.