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Equilibrium and Efficiency in an Organized Vote Market

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  • Philipson, Tomas J
  • Snyder, James M, Jr

Abstract

The authors study an organized market for votes in which trade is directed by a market 'specialist.' This market mechanism always produces an equilibrium outcome and, whenever vote buying occurs, the alternative chosen is Pareto superior to the alternative that would be chosen without trade. The authors then characterize the equilibrium outcomes in a one-dimensional policy space and show that, if the distribution of ideal points is skewed enough, then the equilibrium with vote buying differs from the equilibrium without vote buying (the median ideal point). This difference reflects the ability of an intense minority to obtain a policy it prefers in exchange for side payments. Copyright 1996 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Public Choice.

Volume (Year): 89 (1996)
Issue (Month): 3-4 (December)
Pages: 245-65

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Handle: RePEc:kap:pubcho:v:89:y:1996:i:3-4:p:245-65

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Web page: http://www.springerlink.com/link.asp?id=100332

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Cited by:
  1. V.V. Chari & Harold Cole, 1993. "A contribution to the theory of pork barrel spending," Staff Report 156, Federal Reserve Bank of Minneapolis.
  2. Eddie Dekel & Matthew O. Jackson & Asher Wolinsky, 2005. "Vote Buying," Others 0503006, EconWPA.
    • Jackson, Matthew O. & Dekel, Eddie & Wolinsky, Asher, 2005. "Vote buying," Working Papers 1215, California Institute of Technology, Division of the Humanities and Social Sciences.
    • Eddie Dekel & Matthew O. Jackson & Asher Wolinsky, 2004. "Vote Buying," Discussion Papers 1386, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Eddie Dekel & Matthew O. Jackson & Asher Wolinksy, 2006. "Vote Bying I: General Elections," Discussion Papers 1434, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Casella, Alessandra, 2005. "Storable votes," Games and Economic Behavior, Elsevier, vol. 51(2), pages 391-419, May.
  5. Theresa Fahrenberger & Hans Gersbach, 2008. "Minority Voting and Long-term Decisions," CESifo Working Paper Series 2198, CESifo Group Munich.
  6. Casella, Alessandra & Gelman, Andrew & Palfrey, Thomas R, 2003. "An Experimental Study of Storable Votes," CEPR Discussion Papers 4081, C.E.P.R. Discussion Papers.
  7. Eliaz, Kfir & Ray, Debraj & Razin, Ronny, 2007. "Group decision-making in the shadow of disagreement," Journal of Economic Theory, Elsevier, vol. 132(1), pages 236-273, January.
  8. Gersbach, Hans, 2007. "Minority Voting and Public Project Provision," Economics Discussion Papers 2007-20, Kiel Institute for the World Economy.
  9. Robert P. Inman, 1993. "Presidential Leadership and the Reform of Fiscal Policy: Learning from Reagan's Role in TRA 86," NBER Working Papers 4395, National Bureau of Economic Research, Inc.

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