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The Allocation of Resources by Voting

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  • Barzel, Yoram
  • Sass, Tim R

Abstract

A general theory of voting, which explains under what conditions voting will be chosen as a means for allocating resources and how the constitution that governs the voting will be structured, is presented. It is hypothesized that developers of voting organizations will structure their organizations in order to maximize the value of shares sold by minimizing the expected costs of wealth transfer and decision-making in the voting organization. Implications regarding the allocation of votes and assessments within the organization, the domain of voting decision, and the optimal voting rule are tested with data on the constitutional structure of condominium homeowner associations. Copyright 1990, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 105 (1990)
Issue (Month): 3 (August)
Pages: 745-71

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Handle: RePEc:tpr:qjecon:v:105:y:1990:i:3:p:745-71

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Web page: http://mitpress.mit.edu/journals/

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Web: http://mitpress.mit.edu/journal-home.tcl?issn=00335533

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Cited by:
  1. Danny Ben-Shahar & Eyal Sulganik, 2005. "Can Co-Owners Agree to Disagree? A Theoretical Examination of Voting Rules in Co-Ownerships," The Journal of Real Estate Finance and Economics, Springer, vol. 31(2), pages 207-223, September.
  2. Oliver Hart & John Moore, 2004. "Cooperatives vs. Outside Ownership," ESE Discussion Papers 114, Edinburgh School of Economics, University of Edinburgh.
  3. Bontems, Philippe & Fulton, Murray, 2009. "Organizational structure, redistribution and the endogeneity of cost: Cooperatives, investor-owned firms and the cost of procurement," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 322-343, October.
  4. Roger Congleton, 2011. "Why local governments do not maximize profits: on the value added by the representative institutions of town and city governance," Public Choice, Springer, vol. 149(1), pages 187-207, October.
  5. Barzel, Yoram, 1997. "Parliament as a wealth-maximizing institution: The right to the residual and the right to vote," International Review of Law and Economics, Elsevier, vol. 17(4), pages 455-474, December.
  6. Deng, Feng, 2003. "Comparative urban institutions and intertemporal externality: a revisit of the Coase conjecture," MPRA Paper 2223, University Library of Munich, Germany, revised 08 Feb 2007.

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