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Climate change is a global "free rider" problem because significant abatement of greenhouse gases is an expensive public good requiring international cooperation to apportion compliance among states. But it is also a global "free driver" problem because geoengineering the stratosphere with...
Persistent link: https://www.econbiz.de/10013089400
We study the information aggregation properties of unanimous voting rules in the laboratory. In line with theoretical predictions, we find that majority rule with veto power dominates unanimity rule. We also find that the strategic voting model is a fairly good predictor of observed subject...
Persistent link: https://www.econbiz.de/10012999989
We study optimal policy experimentation by a committee. We consider a dynamic bargaining game in which committee members choose either a risky reform or a safe alternative each period. When no redistribution is allowed the unique equilibrium outcome is generically inefficient. When...
Persistent link: https://www.econbiz.de/10012911102
We study the properties of the group-based model of voting in elections with more than two candidates. We consider two of the most widely used electoral rules around the world: plurality and majority runoff. We fully characterize the set of equilibria under both rules and identify the features...
Persistent link: https://www.econbiz.de/10012946033
For voters with quot;socialquot; preferences, the expected utility of voting is approximately independent of the size of the electorate, suggesting that rational voter turnouts can be substantial even in large elections. Less important elections are predicted to have lower turnout, but a...
Persistent link: https://www.econbiz.de/10012759742
majority, and the aggregate payoffs all match the theory …
Persistent link: https://www.econbiz.de/10012767511
A group of agents wants to reform the status quo if and only if this is Pareto improving. Agents have private information and may have common or private objectives, which creates a tension between information aggregation and minority protection. We analyze a simple voting system - majority rule...
Persistent link: https://www.econbiz.de/10013048058
The paper provides a comprehensive empirical analysis of majority rule and Tiebout sorting within a system of local jurisdictions. The idea behind the estimation procedure is to investigate whether observed levels of public expenditures satisfy necessary conditions implied by majority rule in a...
Persistent link: https://www.econbiz.de/10013218313
The thesis of this paper is that more transparent, rule-bound and subtle mechanisms for policy coordination will be needed to ensure the success of an enlarged European Union. A common policy is a public good with distributional implications. Economists have developed a large number of plausible...
Persistent link: https://www.econbiz.de/10013224314
We use a simple graphical approach to represent Social Welfare Functions that satisfy Independence of Irrelevant Alternatives and Anonymity. This approach allows us to provide simple and illustrative proofs of May's Theorem, of variants of classic impossibility results, and of a recent result on...
Persistent link: https://www.econbiz.de/10013236834