Majority voting with stochastic preferences: The whims of a committee are smaller than the whims of its members
This note studies the volatility of the policy chosen by a committee whose members’ preferences are volatile, due to common and individual preferences shocks. It is shown that majority voting mitigates the latter but not the former. The volatility of the policy is smaller the smaller the volatility of members’ preferences, smaller the larger the size of the committee, and smaller than if it was chosen by a single member. The results hold in a context of uncertainty and with multidimensional issues. Copyright Economic Science Association 2006
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.:
- McKelvey, R. D. & Schofield, N., 1984.
"Structural Instability of the Core,"
535, California Institute of Technology, Division of the Humanities and Social Sciences.
- Egil Matsen & Øistein Røisland, 2003.
"Interest Rate Decisions in an Asymmetric Monetary Union,"
Working Paper Series
2803, Department of Economics, Norwegian University of Science and Technology.
- Matsen, Egil & Roisland, Oistein, 2005. "Interest rate decisions in an asymmetric monetary union," European Journal of Political Economy, Elsevier, vol. 21(2), pages 365-384, June.
- 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.
- Davis, Otto A & DeGroot, Morris H & Hinich, Melvin J, 1972. "Social Preference Orderings and Majority Rule," Econometrica, Econometric Society, vol. 40(1), pages 147-57, January.
- Sapir, Andre & Sekkat, Khalid, 1999.
"Optimum electoral areas: Should Europe adopt a single election day?,"
European Economic Review,
Elsevier, vol. 43(8), pages 1595-1619, August.
- André Sapir & Khalid Sekkat, 1999. "Optimum electoral areas: should Europe adopt a single election day?," ULB Institutional Repository 2013/7336, ULB -- Universite Libre de Bruxelles.
- Greenberg, Joseph, 1979. "Consistent Majority Rules over Compact Sets of Alternatives," Econometrica, Econometric Society, vol. 47(3), pages 627-36, May.
- Schofield, Norman, 2002. "Representative democracy as social choice," Handbook of Social Choice and Welfare, in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 9, pages 425-455 Elsevier.
- McKelvey, Richard D. & Ordeshook, Peter C., 1985. "Elections with limited information: A fulfilled expectations model using contemporaneous poll and endorsement data as information sources," Journal of Economic Theory, Elsevier, vol. 36(1), pages 55-85, June.
- Andrew Caplin & Barry Nalebuff, 1990.
"Aggregation and Social Choice: A Mean Voter Theorem,"
Cowles Foundation Discussion Papers
938, Cowles Foundation for Research in Economics, Yale University.
- Caplin, Andrew & Nalebuff, Barry, 1991. "Aggregation and Social Choice: A Mean Voter Theorem," Econometrica, Econometric Society, vol. 59(1), pages 1-23, January.
- Caplin, A. & Nalebuff, B., 1989. "Aggregation And Social Choice: A Mean Voter Theorem," Discussion Papers 1989_31, Columbia University, Department of Economics.
- Schofield, N. & Tovey, C.A., 1992. "Probability and Convergence for Supramajority rule with Euclidean Preferences," Papers 163, Washington St. Louis - School of Business and Political Economy.
- Schofield, Norman, 1978. "Instability of Simple Dynamic Games," Review of Economic Studies, Wiley Blackwell, vol. 45(3), pages 575-94, October.
- Banks, Jeffrey S., 1995. "Singularity theory and core existence in the spatial model," Journal of Mathematical Economics, Elsevier, vol. 24(6), pages 523-536.
- Schofield, Norman, 1977. "Transitivity of preferences on a smooth manifold of alternatives," Journal of Economic Theory, Elsevier, vol. 14(1), pages 149-171, February.
- Slutsky, Steven, 1977. "A voting model for the allocation of public goods: Existence of an equilibrium," Journal of Economic Theory, Elsevier, vol. 14(2), pages 299-325, April.
- Caplin, Andrew S & Nalebuff, Barry J, 1988. "On 64%-Majority Rule," Econometrica, Econometric Society, vol. 56(4), pages 787-814, July.
- McKelvey, Richard D, 1979. "General Conditions for Global Intransitivities in Formal Voting Models," Econometrica, Econometric Society, vol. 47(5), pages 1085-1112, September.
When requesting a correction, please mention this item's handle: RePEc:kap:copoec:v:17:y:2006:i:3:p:207-216. See general 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: (Guenther Eichhorn)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.