Justification of the simple majority and chairman rules
AbstractEmploying the uncertain dichotomous model, this work proves the optimality of the simple majority and the chairman rules under complete ignorance of the decision competencies of the decision makers. The optimality of these commonly used rules is also retained under certain patterns of partial information on the characteristics of the distribution of the members' competencies.
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Bibliographic InfoArticle provided by Springer in its journal Social Choice and Welfare.
Volume (Year): 13 (1996)
Issue (Month): 4 ()
Note: Received: 6 April 1992/Accepted: 29 September 1995
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- Carlos Montoro, 2007. "Why Central Banks Smooth Interest Rates? A Political Economy Explanation," Working Papers 2007-003, Banco Central de Reserva del Perú.
- Gerlach-Kristen, Petra, 2006. "Monetary policy committees and interest rate setting," European Economic Review, Elsevier, vol. 50(2), pages 487-507, February.
- Carlos Montoro, 2007. "Monetary policy committees and interest rate smoothing," LSE Research Online Documents on Economics 19752, London School of Economics and Political Science, LSE Library.
- Carlos Montoro, 2007. "Monetary Policy Committees and Interest Rate Smoothing," CEP Discussion Papers dp0780, Centre for Economic Performance, LSE.
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