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Political Economy and Social Welfare with Voting Procedure

Listed author(s):
  • Islam, Jamal
  • Mohajan, Haradhan
  • Moolio, Pahlaj
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    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 non-dictatorship, 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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    File URL: https://mpra.ub.uni-muenchen.de/50671/1/MPRA_paper_50671.pdf
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 50671.

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    Date of creation: 10 Oct 2009
    Date of revision: 25 Sep 2009
    Publication status: Published in KASBIT Business Journal 2.2(2009): pp. 42-66
    Handle: RePEc:pra:mprapa:50671
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    1. Barberà, Salvador & Berga, Dolors & Moreno, Bernardo, 2010. "Individual versus group strategy-proofness: When do they coincide?," Journal of Economic Theory, Elsevier, vol. 145(5), pages 1648-1674, September.
    2. Barbera, Salvador, 1980. "Pivotal voters : A new proof of arrow's theorem," Economics Letters, Elsevier, vol. 6(1), pages 13-16.
    3. Barberà, Salvador & Coelho, Danilo, 2010. "On the rule of k names," Games and Economic Behavior, Elsevier, vol. 70(1), pages 44-61, September.
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