A Solution Concept for Majority Rule in Dynamic Settings
AbstractWe define and explore the notion of a Dynamic Condorcet Winner (DCW), which extends the notion of a Condorcet winner to dynamic settings. We show that, for every DCW, every member of a large class of dynamic majoritarian games has an equivalent equilibrium, and that other equilibria are not similarly portable across this class of games. Existence of DCWs is guaranteed when members of the community are sufficiently patient. We characterize sustainable and unsustainable outcomes, study the effects of changes in the discount factor, investigate efficiency properties, and explore the potential for achieving renegotiation-proof outcomes. We apply this solution concept to a standard one-dimensional choice problem wherein agents have single-peaked preferences, as well as to one involving the division of a fixed aggregate payoff.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Stanford Institute for Economic Policy Research in its series Discussion Papers with number 07-029.
Date of creation: May 2007
Date of revision:
Dynamic Condorcet Winer; dynamic settings;
Other versions of this item:
- B. D. Bernheim & S. N. Slavov, 2009. "A Solution Concept for Majority Rule in Dynamic Settings," Review of Economic Studies, Oxford University Press, vol. 76(1), pages 33-62.
- C00 - Mathematical and Quantitative Methods - - General - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tim Besley & Stephen Coate, .
""An Economic Model of Representative Democracy'',"
CARESS Working Papres
95-02, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- Douglas Bernheim, B. & Ray, Debraj, 1989. "Collective dynamic consistency in repeated games," Games and Economic Behavior, Elsevier, vol. 1(4), pages 295-326, December.
- Sita Nataraj Slavov, 2006. "Public versus Private Provision of Public Goods," Occidental Economics Working Papers 2, Occidental College, Department of Economics, revised Mar 2006.
- B. Douglas Bernheim & Antonio Rangel & Luis Rayo, 2006. "The Power of the Last Word in Legislative Policy Making," Econometrica, Econometric Society, vol. 74(5), pages 1161-1190, 09.
- Jeffrey Banks & John Duggan, 2006.
"A Social Choice Lemma on Voting Over Lotteries with Applications to a Class of Dynamic Games,"
Social Choice and Welfare,
Springer, vol. 26(2), pages 285-304, April.
- Banks, Jeffrey S. & Duggan, John, 2003. "A Social Choice Lemma on Voting over Lotteries with Applications to a Class of Dynamic Games," Working Papers 1163, California Institute of Technology, Division of the Humanities and Social Sciences.
- Krusell, Per & Rios-Rull, Jose-Victor, 1996.
"Vested Interests in a Positive Theory of Stagnation and Growth,"
Review of Economic Studies,
Wiley Blackwell, vol. 63(2), pages 301-29, April.
- Krusell, P. & Rios-Rull, J.V., 1993. "Vested Interests in a Positive Theory of Stagnation and Growth," Papers 547, Stockholm - International Economic Studies.
- Schofield, Norman, 1983. "Generic Instability of Majority Rule," Review of Economic Studies, Wiley Blackwell, vol. 50(4), pages 695-705, October.
- Kevin Roberts, 2005.
"Condorcet Cycles? A Model of Intertemporal Voting,"
2005-W15, Economics Group, Nuffield College, University of Oxford.
- Abreu, Dilip, 1986. "Extremal equilibria of oligopolistic supergames," Journal of Economic Theory, Elsevier, vol. 39(1), pages 191-225, June.
- Per Krusell & Jose-Victor Rios-Rull, 1997.
"On the size of U.S. government: political economy in the neoclassical growth model,"
234, Federal Reserve Bank of Minneapolis.
- Jose-Victor Rios-Rull & Per Krusell, 1999. "On the Size of U.S. Government: Political Economy in the Neoclassical Growth Model," American Economic Review, American Economic Association, vol. 89(5), pages 1156-1181, December.
- Sita Nataraj Slavov, 2001.
"Age Bias in Fiscal Policy: Why Does the Political Process Favor the Elderly?,"
Occidental Economics Working Papers
1, Occidental College, Department of Economics, revised Jan 2006.
- Slavov Sita Nataraj, 2006. "Age Bias in Fiscal Policy: Why Does the Political Process Favor the Elderly?," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 6(1), pages 1-37, October.
- John E. Roemer, 1999.
"The Democratic Political Economy of Progressive Income Taxation,"
Econometric Society, vol. 67(1), pages 1-20, January.
- John E. Roemer, 1997. "The Democratic Political Economy of Progressive Income Taxation," Discussion Papers 97-03, University of Copenhagen. Department of Economics.
- John Roemer, 2003. "The Democratic Political Economy Of Progressive Income Taxation," Working Papers 9711, University of California, Davis, Department of Economics.
- John E. Roemer, . "The Democratic Political Economy Of Progressive Income Taxation," Department of Economics 97-11, California Davis - Department of Economics.
- Glomm, Gerhard & Ravikumar, B, 1992. "Public versus Private Investment in Human Capital Endogenous Growth and Income Inequality," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 818-34, August.
- Perotti, Roberto, 1993. "Political Equilibrium, Income Distribution, and Growth," Review of Economic Studies, Wiley Blackwell, vol. 60(4), pages 755-76, October.
- Alberto Alesina & Dani Rodrik, 1991.
"Distributive Politics and Economic Growth,"
NBER Working Papers
3668, National Bureau of Economic Research, Inc.
- Baron, David P & Ferejohn, John, 1987. "Bargaining and Agenda Formation in Legislatures," American Economic Review, American Economic Association, vol. 77(2), pages 303-09, May.
- Schofield, Norman, 1978. "Instability of Simple Dynamic Games," Review of Economic Studies, Wiley Blackwell, vol. 45(3), pages 575-94, October.
- Antonio Rangel, 2003. "Forward and Backward Intergenerational Goods: Why Is Social Security Good for the Environment?," American Economic Review, American Economic Association, vol. 93(3), pages 813-834, June.
- Rubinstein, Ariel, 1979. "A Note about the "Nowhere Denseness" of Societies Having an Equilibrium under Majority Rule," Econometrica, Econometric Society, vol. 47(2), pages 511-14, March.
- Persson, T. & Tabellini, G., 1993.
"Is Inequality Harmful for Growth,"
537, Stockholm - International Economic Studies.
- McKelvey, Richard D, 1979. "General Conditions for Global Intransitivities in Formal Voting Models," Econometrica, Econometric Society, vol. 47(5), pages 1085-1112, September.
- Banks, Jeffrey S., 1995. "Singularity theory and core existence in the spatial model," Journal of Mathematical Economics, Elsevier, vol. 24(6), pages 523-536.
- John Duggan & Mark Fey, 2006. "Repeated Downsian electoral competition," International Journal of Game Theory, Springer, vol. 35(1), pages 39-69, December.
- McKelvey, Richard D., 1976. "Intransitivities in multidimensional voting models and some implications for agenda control," Journal of Economic Theory, Elsevier, vol. 12(3), pages 472-482, June.
- Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jackie Buttice) The email address of this maintainer does not seem to be valid anymore. Please ask Jackie Buttice to update the entry or send us the correct address.
If references are entirely missing, you can add them using this form.