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Political Economy and Social Welfare with Voting Procedure

  • Jamal Nazrul Islam

    (Research Centre for Mathematical and Physical Sciences, University of Chittagong, Chittagong)

  • Haradhan Kumar Mohajan
  • Pahlaj Moolio

Mathematical Economics, Social Science and Political Science are inter-related. In this paper, an attempt has been made to describe aspects of these subjects by introducing examples, definitions, mathematical calculations and discussions. Game Theory is included in this paper to study mathematical models in economics and political science especially to study Nash equilibrium. Success and failure of democracy are interpreted as different equilibria of a dynamic political game with cost of changing leadership. Unitary democracy can be frustrated when voters do not replace corrupt leaders. Federal democracy cannot be consistently frustrated at both national and provincial levels. Arrow?s theorem indicates that the aggregate of individuals? preferences will not satisfy transitivity, indifference to irrelevant alternatives and nondictatorship, simultaneously to enable one of the individuals becomes a dictator. In this paper both social welfare functions and social choice correspondence are considered in economical environments.

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Article provided by Khadim Ali Shah Bukhari Institute of Technology (KASBIT) in its journal KASBIT Bussiness Journal.

Volume (Year): 2 (2009)
Issue (Month): (December)
Pages: 42-66

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Handle: RePEc:ksb:journl:v:2:y:2009:p:42-66
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  1. Blackorby, C. & Donaldson, D. & Weymark, J.A., 1990. "A Welfarist Proof Of Arrow'S Theorem," G.R.E.Q.A.M. 90a12, Universite Aix-Marseille III.
  2. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, December.
  3. Blackorby, Charles & Bossert, Walter & Donaldson, David, 2002. "Utilitarianism and the theory of justice," 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 11, pages 543-596 Elsevier.
  4. Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2008. "Preference of Social Choice in Mathematical Economics," MPRA Paper 50665, University Library of Munich, Germany, revised 20 Nov 2009.
  5. Myerson Roger B., 1993. "Effectiveness of Electoral Systems for Reducing Government Corruption: A Game-Theoretic Analysis," Games and Economic Behavior, Elsevier, vol. 5(1), pages 118-132, January.
  6. Salvador Barberà & Danilo Coelho, 2004. "On the rule of K names," UFAE and IAE Working Papers 636.04, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC), revised 13 Mar 2007.
  7. Sato, Shin, 2009. "Strategy-proof social choice with exogenous indifference classes," Mathematical Social Sciences, Elsevier, vol. 57(1), pages 48-57, January.
  8. Roger B. Myerson, 1984. "Multistage Games with Communication," Discussion Papers 590, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  9. Gibbard, Allan, 1978. "Straightforwardness of Game Forms with Lotteries as Outcomes," Econometrica, Econometric Society, vol. 46(3), pages 595-614, May.
  10. Salvador Barberà & Dolors Berga & Bernardo Moreno, 2009. "Individual versus group strategy-proofness: when do they coincide?," UFAE and IAE Working Papers 761.09, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  11. Barbera, Salvador, 1980. "Pivotal voters : A new proof of arrow's theorem," Economics Letters, Elsevier, vol. 6(1), pages 13-16.
  12. Miller, Michael K., 2009. "Social choice theory without Pareto: The pivotal voter approach," Mathematical Social Sciences, Elsevier, vol. 58(2), pages 251-255, September.
  13. Myerson, Roger B., 2006. "Federalism and Incentives for Success of Democracy," Quarterly Journal of Political Science, now publishers, vol. 1(1), pages 3-23, January.
  14. Myerson, Roger B., 2013. "Fundamentals of Social Choice Theory," Quarterly Journal of Political Science, now publishers, vol. 8(3), pages 305-337, 06.
  15. Storcken Ton, 2008. "Collective Choice Rules on Convex Restricted Domains," Research Memorandum 003, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  16. Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2009. "Preference of Social Choice in Mathematical Economics," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 3(1), pages 18-38, June.
  17. Feldman, Allan M, 1974. "A Very Unsubtle Version of Arrow's Impossibility Theorem," Economic Inquiry, Western Economic Association International, vol. 12(4), pages 534-46, December.
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