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Social Choice Theory

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  • David Austen-Smith
  • Jeffrey S. Banks

Abstract

In this paper, we consider relationships between the collective preference and the non-cooperative game-theoretic approaches to positive political theory. In particular, we show that an apparently decisive difference between the two approaches - that in sufficiently complex environments (e.g. high dimensional choice spaces) direct preference aggregation models are incapable of generating any prediction at all, whereas non-cooperative game-theoretic models almost always generate predictions - is indeed only an apparent difference. More generally, we argue that there is a fundamental tension when modeling collective decisions between insuring existence of well-defined predictions, a criterion of minimal democracy and general applicability to complex environments: while any two of the three are compatible under either approach, neither collective preference nor non-cooperative game theory can support models that simultaneously satisfy all three desiderata.

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Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1196.

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Date of creation: Oct 1997
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Handle: RePEc:nwu:cmsems:1196

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  1. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
  2. Roger B. Myerson, 1996. "Economic Analysis of Political Institutions: An Introduction," Discussion Papers 1155, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Daniel Diermeier & Timothy J. Feddersen, 1996. "Disciplined Coalitions and Redistribution: The Effect of the Vote of Confidence Procedure on Legislative Bargaining," Discussion Papers 1171, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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Cited by:
  1. James Buchanan & Yong Yoon, 2006. "All voting is strategic," Public Choice, Springer, vol. 129(1), pages 159-167, October.

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