Competitive equilibrium in markets for votes

Arbeitspapier

We develop a competitive equilibrium theory of a market for votes. Before voting on a binary issue, individuals may buy and sell their votes with each other. We define the concept of ex ante vote-trading equilibrium, and show by construction that an equilibrium exists. The equilibriumwe characterize always results in dictatorship if there is any trade, and the market for votes generates welfare losses, relative to simple majority voting, if the committee is large enough or the distribution of values not very skewed. We test the theoretical implications by implementing a competitive vote market in the laboratory using a continuous open-book multi-unit double auction.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Preprints of the Max Planck Institute for Research on Collective Goods ; No. 2012,03

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Design of Experiments: Laboratory, Group Behavior ; Noncooperative Games ; Analysis of Collective Decision-Making: General ; Capitalist Systems: Political Economy
• Thema: Experiments ; Voting ; Markets ; Vote Trading ; Competitive Equilibrium ; Wahlverhalten ; Verhandlungen ; Allgemeines Gleichgewicht ; Auktionstheorie ; Wohlfahrtseffekt

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Casella, Alessandra ; Llorente-Saguer, Aniol ; Palfrey, Thomas R.
• Ereignis: Veröffentlichung
• (wer): Max Planck Institute for Research on Collective Goods
• (wo): Bonn
• (wann): 2012

Weitere Informationen

• Handle: http://hdl.handle.net/10419/57479
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ