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Justification of the simple majority and chairman rules

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  • Drora Karotkin

    (Bar-Ilan University, Department of Economics, Ramat-Gan 52900, Israel)

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    Abstract

    Employing 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 Info

    Article provided by Springer in its journal Social Choice and Welfare.

    Volume (Year): 13 (1996)
    Issue (Month): 4 ()
    Pages: 479-486

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    Handle: RePEc:spr:sochwe:v:13:y:1996:i:4:p:479-486

    Note: Received: 6 April 1992/Accepted: 29 September 1995
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    Web page: http://link.springer.de/link/service/journals/00355/index.htm

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    Cited by:
    1. Carlos Montoro, 2007. "Why Central Banks Smooth Interest Rates? A Political Economy Explanation," Working Papers 2007-003, Banco Central de Reserva del Perú.
    2. Carlos Montoro, 2007. "Monetary Policy Committees and Interest Rate Smoothing," CEP Discussion Papers dp0780, Centre for Economic Performance, LSE.
    3. Montoro, Carlos, 2012. "Oil Shocks And Optimal Monetary Policy," Macroeconomic Dynamics, Cambridge University Press, vol. 16(02), pages 240-277, April.
    4. Gerlach-Kristen, Petra, 2006. "Monetary policy committees and interest rate setting," European Economic Review, Elsevier, vol. 50(2), pages 487-507, February.

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