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Market for Votes

We construct a centralised market where agents can trade voting rights. Text book markets do not work but the situation is strategic, and there are many equilibria. In an equilibrium where trading takes place the minimum efficiency gain, i.e. the probability with which an efficient outcome is chosen, is between 12% and 37% depending on the number of voters.
Year of publication:
2005
Authors: Kultti, Klaus ; Salonen, Hannu
Published in:
Homo Oeconomicus. - Institute of SocioEconomics. - Vol. 23.2005, p. 323-332
Publisher: Institute of SocioEconomics
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Type of publication: Article
Source:
Persistent link: https://www.econbiz.de/10005227236
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