Asheim , Geir B. () (Dept. of Economics, University of Oslo) Claussen , Carl Andreas () (Norges Bank) Nilssen, Tore () (Dept. of Economics, University of Oslo)
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We consider a situation where society decides, through majority voting in a secret ballot, between the alternatives of ‘reform’ and ‘status quo’. Reform is assumed to create a minority of winners, while being efficient in the Kaldor-Hicks sense. We explore the consequences of allowing binding transfers between voters conditional on the chosen alternative. In particular, we establish conditions under which the winners wish to compensate all losers, thus leading to unanimity for reform, rather than compensating some losers to form a non-maximal majority. The analysis employs concepts from cooperative game theory.
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Paper provided by Oslo University, Department of Economics in its series Memorandum with number
02/2005.
Length: 26 pages Date of creation: 07 Jan 2005 Date of revision: Publication status: Published in International Journal of Game Theory, 2006, pages 91-110. Handle: RePEc:hhs:osloec:2005_002
Find related papers by JEL classification: C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
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