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private information truthfully before voting takes place. Depending on the distance between two feasible public good levels …, the optimal mechanism involves either one or two voting rounds. We show that procedural efficiency cannot be achieved by … communication among all citizens prior to voting. Finally, we outline several applications of the mechanism …
Persistent link: https://www.econbiz.de/10012994342
In this paper we examine the potential of democratic constitutions for the provision of divisible public goods in a large economy. Our main insights are as follows: When aggregate shocks are absent, the combination of the following rules yields first-best allocations: a supermajority rule, equal...
Persistent link: https://www.econbiz.de/10013147793