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We consider a framework where the optimal decision rule determining the collective choice depends in a simple way on the decision makers' posterior probabilities of a particular state of nature. Nevertheless, voting is generally an inefficient way to make collective choices and this paper sheds...
Persistent link: https://www.econbiz.de/10010457829
We consider a framework where the optimal decision rule determining the collective choice depends in a simple way on the decision makers' posterior probabilities of a particular state of nature. Nevertheless, voting is generally an inefficient way to make collective choices and this paper sheds...
Persistent link: https://www.econbiz.de/10013039595
Democratic societies have been increasingly confronted with extreme, knife-edge election outcomes that affect everybody’s lives and contribute to social instability. Even if political compromises based on social conventions as equity or economic arguments as efficiency are available, polarized...
Persistent link: https://www.econbiz.de/10013213858
We consider a framework where the optimal decision rule determining the collective choice depends in a simple way on the decision makers' posterior probabilities of a particular state of nature. Nevertheless, voting is generally an inefficient way to make collective choices and this paper sheds...
Persistent link: https://www.econbiz.de/10013030489
and argue that instead utilitarian, i.e. cardinal social choice theory is relevant for voting. I show that justifications …
Persistent link: https://www.econbiz.de/10010440432
The paper challenges the "orthodox doctrine" of collective choice theory according to which Arrow's "general …
Persistent link: https://www.econbiz.de/10010440457
In his seminal Social Choice and Individual Values, Kenneth Arrow stated that his theory applies to voting. Many voting … theorists have been convinced that, on account of Arrow's theorem, all voting methods must be seriously flawed. Arrow's theory …, there evolved a consistent cardinal theory of collective choice. This theory, most prominently associated with the work of …
Persistent link: https://www.econbiz.de/10010440461
Democratic societies have been increasingly confronted with extreme, knife-edge election outcomes that affect everybody's lives and contribute to social instability. Even if political compromises based on social conventions as equity or economic arguments as efficiency are available, polarized...
Persistent link: https://www.econbiz.de/10012625507
We introduce a democratic procedure with voting-based proposals called ”Pendular Voting”. It works as follows: An agenda-setter chooses a proposal meant to replace a given status quo. In the first stage, a random sample of the population votes on the proposal. The result is made public,...
Persistent link: https://www.econbiz.de/10013223041
We fully characterize in a mass election model the set of candidates that can win with positive probability in equilibrium when the voters are allowed to vote for as many candidates as they want. If at most two candidates can win for some undominated strategy profile (“in the race”...
Persistent link: https://www.econbiz.de/10013035400