Repeating voting with complete information
A committee is choosing from two alternatives. If required supermajority is not reached, voting is repeated indefinitely, although there is a cost of delay. Under suitable assumptions the equilibrium analysis provides a sharp prediction. The result can be interpreted as a generalization of the seminal median voter theorem known from the simple majority case. If supermajority is required instead, then the power to select the outcome moves from the median voter to the more extreme voters. Normative analysis indicates that the simple majority is not constrained efficient because it does not reflect the strengths of voters' opinion. Even if unanimity is a bad voting rule, voting rules close to unanimity may be efficient. The more likely it is to have a very many almost indifferent voters and some very opinionated ones, the more stringent supermajority is required for efficiency
|Date of creation:||01 Jan 2012|
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- Olivier Compte & Philippe Jehiel, 2010.
"Bargaining and Majority Rules: A collective search Perspective,"
- Olivier Compte & Philippe Jehiel, 2010. "Bargaining and Majority Rules: A Collective Search Perspective," Journal of Political Economy, University of Chicago Press, vol. 118(2), pages 189-221, 04.
- Philippe Jehiel & Oliver Compte, 2007. "Bargaining and Majority Rules: A Collective Search Perspective," Levine's Bibliography 843644000000000131, UCLA Department of Economics.
- Thomas Piketty, 2000. "Voting as Communicating," Review of Economic Studies, Oxford University Press, vol. 67(1), pages 169-191.
- Ponsati, Clara & Sakovics, Jozsef, 1996. "Multiperson Bargaining over Two Alternatives," Games and Economic Behavior, Elsevier, vol. 12(2), pages 226-244, February.
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