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Incomplete Information, Income Redistribution and Risk Averse Median Voter Behavior

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  • Bishop, John A
  • Formby, John P
  • Smith, W James

Abstract

This paper extends the median voter model to include risk aversion. An expected utility maximizing median voter with an aversion to risk may behave differently than a median voter who is certain. A referendum on income redistribution from the top of the distribution to the bottom that fails when the median voter is certain may pass in the extended median voter model. Economic inefficiencies and the net losses accompanying redistribution are shown to play a pivotal role in determining the behavior of the risk-averse median voter. The model is illustrated using a one percent Demogrant redistribution. Copyright 1991 by Kluwer Academic Publishers

Suggested Citation

  • Bishop, John A & Formby, John P & Smith, W James, 1991. "Incomplete Information, Income Redistribution and Risk Averse Median Voter Behavior," Public Choice, Springer, vol. 68(1-3), pages 41-55, January.
    • Handle: RePEc:kap:pubcho:v:68:y:1991:i:1-3:p:41-55
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    Cited by:

    1. Glazer Amihai & Konrad Kai A., 1994. "Intertemporal Commitment Problems and Voting on Redistributive Taxation," Journal of Urban Economics, Elsevier, vol. 36(3), pages 278-291, November.
    2. John P. Formby & Steven G. Medema & W. James Smith, 1995. "Tax Neutrality and Social Welfare in a Comptutational General Equilibrium Framework," Public Finance Review, , vol. 23(4), pages 419-447, October.
    3. Rodríguez, Juan Gabriel & Salas, Rafael, 2014. "The Gini coefficient: Majority voting and social welfare," Journal of Economic Theory, Elsevier, vol. 152(C), pages 214-223.
    4. Joachim Wessels, 1993. "Redistribution from a constitutional perspective," Constitutional Political Economy, Springer, vol. 4(3), pages 425-448, September.
    5. Steven R. Beckman & Gregory DeAngelo & W. James Smith & Ning Wang, 2016. "Is social choice gender-neutral? Reference dependence and sexual selection in decisions toward risk and inequality," Journal of Risk and Uncertainty, Springer, vol. 52(3), pages 191-211, June.

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