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Equilibrium and Efficiency in an Organized Vote Market

Author

Listed:
  • Philipson, Tomas J
  • Snyder, James M, Jr

Abstract

The authors study an organized market for votes in which trade is directed by a market 'specialist.' This market mechanism always produces an equilibrium outcome and, whenever vote buying occurs, the alternative chosen is Pareto superior to the alternative that would be chosen without trade. The authors then characterize the equilibrium outcomes in a one-dimensional policy space and show that, if the distribution of ideal points is skewed enough, then the equilibrium with vote buying differs from the equilibrium without vote buying (the median ideal point). This difference reflects the ability of an intense minority to obtain a policy it prefers in exchange for side payments. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Philipson, Tomas J & Snyder, James M, Jr, 1996. "Equilibrium and Efficiency in an Organized Vote Market," Public Choice, Springer, vol. 89(3-4), pages 245-265, December.
  • Handle: RePEc:kap:pubcho:v:89:y:1996:i:3-4:p:245-65
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    Citations

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    Cited by:

    1. Fahrenberger, Theresa & Gersbach, Hans, 2010. "Minority voting and long-term decisions," Games and Economic Behavior, Elsevier, vol. 69(2), pages 329-345, July.
    2. Casella, Alessandra & Turban, Sébastien, 2014. "Democracy undone. Systematic minority advantage in competitive vote markets," Games and Economic Behavior, Elsevier, vol. 88(C), pages 47-70.
    3. Eddie Dekel & Matthew O. Jackson & Asher Wolinsky, 2004. "Vote Buying," Discussion Papers 1386, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
      • Jackson, Matthew O. & Dekel, Eddie & Wolinsky, Asher, 2005. "Vote buying," Working Papers 1215, California Institute of Technology, Division of the Humanities and Social Sciences.
      • Eddie Dekel & Matthew O. Jackson & Asher Wolinsky, 2005. "Vote Buying," Others 0503006, EconWPA.
    4. Dimitrios Xefteris & Nicholas Ziros, 2017. "Strategic vote trading under complete information," University of Cyprus Working Papers in Economics 03-2017, University of Cyprus Department of Economics.
    5. Eliaz, Kfir & Ray, Debraj & Razin, Ronny, 2007. "Group decision-making in the shadow of disagreement," Journal of Economic Theory, Elsevier, vol. 132(1), pages 236-273, January.
    6. Casella, Alessandra, 2005. "Storable votes," Games and Economic Behavior, Elsevier, vol. 51(2), pages 391-419, May.
    7. Dimitrios Xefteris & Nicholas Ziros, 2017. "Strategic Vote Trading in Power Sharing Systems," American Economic Journal: Microeconomics, American Economic Association, vol. 9(2), pages 76-94, May.
    8. Michael M. Tansey, 1998. "How Delegating Authority Biases Social Choices," Contemporary Economic Policy, Western Economic Association International, vol. 16(4), pages 511-518, October.
    9. Casella, Alessandra & Gelman, Andrew & Palfrey, Thomas R., 2006. "An experimental study of storable votes," Games and Economic Behavior, Elsevier, vol. 57(1), pages 123-154, October.
    10. V. V. Chari & Harold L. Cole, 1993. "A contribution to the theory of pork barrel spending," Staff Report 156, Federal Reserve Bank of Minneapolis.
    11. Rafael Hortalà-Vallvé, 2010. "Qualitative Voting," Cuadernos de Economía - Spanish Journal of Economics and Finance, ELSEVIER, vol. 33(92), pages 5-44, Mayo-Sept.
    12. Iaryczower, Matias & Oliveros, Santiago, 2016. "Power brokers: Middlemen in legislative bargaining," Journal of Economic Theory, Elsevier, vol. 162(C), pages 209-236.
    13. Eddie Dekel & Matthew O. Jackson & Asher Wolinksy, 2006. "Vote Bying I: General Elections," Discussion Papers 1434, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    14. Casella, Alessandra & Palfrey, Thomas & Turban, Sébastien, 2014. "Vote trading with and without party leaders," Journal of Public Economics, Elsevier, vol. 112(C), pages 115-128.
    15. Gersbach, Hans, 2009. "Minority voting and public project provision," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 3, pages 1-40.
    16. Robert P. Inman, 1993. "Presidential Leadership and the Reform of Fiscal Policy: Learning from Reagan's Role in TRA 86," NBER Working Papers 4395, National Bureau of Economic Research, Inc.

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