An experiment in the demand-revealing process
The principal findings of this experiment are: It is somewhat time-consuming but not otherwise difficult to employ the demand-revealing process in groups of 10 to 60. The ability of the demand-revealing process to take account of intensities of preferences is appreciated by many of the persons who have used the process, but the departure from one-man-one-vote is strongly resisted by others. The outcomes reached by demand-revealing differed from majority rule in about one-tenth of the cases. The improvement in efficiency associated with these reversals of majority rule was 2.25 percent of the net benefit of making the efficient decisions. The Clarke taxes, which would decline in percentage terms as group size increased, were 3.04 percent of the net value of efficient decisions for the decisions studied. Copyright Martinus Nijhoff Publishers 1983
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- William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
- Edward Clarke, 1971. "Multipart pricing of public goods," Public Choice, Springer, vol. 11(1), pages 17-33, September.
- Peter Bohm, 1972. "Estimating the demand for public goods: An experiment," Framed Field Experiments 00126, The Field Experiments Website.
- Groves, Theodore & Loeb, Martin, 1975.
"Incentives and public inputs,"
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Elsevier, vol. 4(3), pages 211-226, August.
- Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
- Smith, Vernon L, 1979. " An Experimental Comparison of Three Public Good Decision Mechanisms," Scandinavian Journal of Economics, Wiley Blackwell, vol. 81(2), pages 198-215.
- Bohm, Peter, 1972. "Estimating demand for public goods: An experiment," European Economic Review, Elsevier, vol. 3(2), pages 111-130.
- Tideman, T Nicolaus & Tullock, Gordon, 1976. "A New and Superior Process for Making Social Choices," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1145-59, December.
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