The New Theory of Strategic Voting
This is an analysis of strategic voting under qualified majority voting. Existing formal analyses of the plurality rule predict complete coordination of strategic voting: a strict interpretation of Duverger's Law. This conclusion is rejected. Unlike previous models, the popular support for each option is not commonly certain. Agents base their vote on both public and private signals of popular support. When private signals are the main source of information, the uniquely stable equilibrium entails only limited strategic voting and hence partial coordination. This is due to the surprising presence of negative feedback --- strategic voting is a self-attenuating phenomenon. The theory leads to the conclusion that multi-candidate support in a plurality electoral system is perfectly consistent with rational voting behaviour.
|Date of creation:||01 Aug 2000|
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- Stephen Morris & Hyun Song Shin, 2001.
"Coordination risk and the price of debt,"
LSE Research Online Documents on Economics
25046, London School of Economics and Political Science, LSE Library.
- Stephen Morris & Hyun Song Shin, 1999. "Coordination Risk and the Price of Debt," Cowles Foundation Discussion Papers 1241, Cowles Foundation for Research in Economics, Yale University.
- Stephen Morris & Hyun Song Shin, 1999. "Coordination Risk and the Price of Debt," Cowles Foundation Discussion Papers 1241R, Cowles Foundation for Research in Economics, Yale University, revised Feb 2002.
- Hyun Song Shin & Stephen Morris, 2001. "Coordination Risk and the Price of Debt," FMG Discussion Papers dp373, Financial Markets Group.
- Roger B. Myerson & Robert J. Weber, 1988. "A Theory of Voting Equilibria," Discussion Papers 782, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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