Econometric estimation of hidden factors in group decision making – their impacton power index estimation
Assessing the voting power of a decision maker depends on the appropriate evaluation of all factors influencing such power. Models constructed with the use of a set of given factors are usually statistically significant, but at the same time the determination coefficient is very low. An econometric technique is proposed, which increases the determination coefficient of such a model and consequently improves the estimation of voting power using a power index. Such an approach enables us to investigate the nature of hidden factors by considering their effects and variation in the model. An example and algorithm for improving the econometric model are also presented.
Volume (Year): 3-4 (2007)
Issue (Month): ()
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- František Turnovec, 2007.
"New Measure of Voting Power,"
Czech Economic Review,
Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 1(1), pages 04-14, March.
- Dan S. Felsenthal & Moshé Machover, 2004. "A Priori Voting Power: What Is It All About?," Political Studies Review, Political Studies Association, vol. 2(1), pages 1-23.
- Bilbao, J. M., 1998. "Axioms for the Shapley value on convex geometries," European Journal of Operational Research, Elsevier, vol. 110(2), pages 368-376, October.
- Mariusz Mazurkiewicz & Jacek Mercik, 2005. "Modified Shapley – Shubik power index for parliamentary coalitions," Operations Research and Decisions, Wroclaw University of Technology, Institute of Organization and Management, vol. 2, pages 43-52.
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