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We develop a competitive equilibrium theory of a market for votes. Before voting on a binary issue, individuals may buy … market for votes generates welfare losses, relative to simple majority voting, if the committee is large enough or the …
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Democratic systems are built, with good reason, on majoritarian principles, but their legitimacy requires the protection of strongly held minority preferences. The challenge is to do so while treating every voter equally and preserving aggregate welfare. One possible solution is lt;igt;Storable...
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