Social Choice Theory
In this paper, we consider relationships between the collective preference and the non-cooperative game-theoretic approaches to positive political theory. In particular, we show that an apparently decisive difference between the two approaches - that in sufficiently complex environments (e.g. high dimensional choice spaces) direct preference aggregation models are incapable of generating any prediction at all, whereas non-cooperative game-theoretic models almost always generate predictions - is indeed only an apparent difference. More generally, we argue that there is a fundamental tension when modeling collective decisions between insuring existence of well-defined predictions, a criterion of minimal democracy and general applicability to complex environments: while any two of the three are compatible under either approach, neither collective preference nor non-cooperative game theory can support models that simultaneously satisfy all three desiderata.
|Date of creation:||Oct 1997|
|Date of revision:|
|Contact details of provider:|| Postal: Center for Mathematical Studies in Economics and Management Science, Northwestern University, 580 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208-2014|
Web page: http://www.kellogg.northwestern.edu/research/math/
More information through EDIRC
|Order Information:|| Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Roger B. Myerson, 1996. "Economic Analysis of Political Institutions: An Introduction," Discussion Papers 1155, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Daniel Diermeier & Timothy J. Feddersen, 1996. "Disciplined Coalitions and Redistribution: The Effect of the Vote of Confidence Procedure on Legislative Bargaining," Discussion Papers 1171, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Grandmont, Jean-Michel, 1985.
"On Endogenous Competitive Business Cycles,"
Econometric Society, vol. 53(5), pages 995-1045, September.
When requesting a correction, please mention this item's handle: RePEc:nwu:cmsems:1196. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fran Walker)
If references are entirely missing, you can add them using this form.