Optimal Voting Rules
AbstractWe study dominant strategy incentive compatible (DIC) and deterministic mechanisms in a social choice setting with several alternatives. The agents are privately informed about their preferences, and have single-crossing utility functions. Monetary transfers are not feasible. We use an equivalence between deterministic, DIC mechanisms and generalized median voter schemes to construct the constrained-efficient, optimal mechanism for an utilitarian planner. Optimal schemes for other welfare criteria such as, say, a Rawlsian maximin can be analogously obtained.
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Bibliographic InfoPaper provided by University of Toronto, Department of Economics in its series Working Papers with number tecipa-493.
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Date of creation: 07 Aug 2013
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Mechanism Design; Voting; Dominant Strategy; Utilitarian;
Other versions of this item:
- Gershkov, Alex & Moldovanu, Benny & Shi, Xianwen, 2013. "Optimal Voting Rules," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 417, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-10 (All new papers)
- NEP-CDM-2013-08-10 (Collective Decision-Making)
- NEP-CTA-2013-08-10 (Contract Theory & Applications)
- NEP-MIC-2013-08-10 (Microeconomics)
- NEP-POL-2013-08-10 (Positive Political Economics)
- NEP-UPT-2013-08-10 (Utility Models & Prospect Theory)
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