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Working paper
In: NBER Working Paper No. w25510
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Working paper
In: CEPR Discussion Paper No. DP13479
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Working paper
In: NBER Working Paper No. w18573
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In: American economic review, Band 96, Heft 2, S. 261-264
ISSN: 1944-7981
In: The Economic Journal, Band 106, Heft 436, S. 605
Contents -- Contributors -- Acknowledgments -- Chapter 1. Networks and Markets: Concepts for Bridging Disciplines / James E. Rauch and Gary G. Hamilton -- Chapter 2. Bandwidth and Echo: Trust, Information, and Gossip in Social Networks / Ronald S. Burt -- Discussion: Another View of Trust and Gossip / Joel Sobel -- Chapter 3. The Organization of the Taiwanese and South Korean Economies: A Comparative Equilibrium Analysis / Robert C. Feenstra, Gary G. Hamilton, and Deng-Shing Huang -- Discussion: Stability, Efficiency and the National Organization of Production / Neil Fligstein
In: Journal of Legal Studies, Forthcoming
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In: CEPR Discussion Paper No. DP12287
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Working paper
In: NBER Working Paper No. w21645
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In: https://doi.org/10.7916/D8Z03HHS
We study the competitive equilibrium of a market for votes where voters can trade votes for a numeraire before making a decision via majority rule. The choice is binary and the number of supporters of either alternative is known. We identify a sufficient condition guaranteeing the existence of an ex ante equilibrium. In equilibrium, only the most intense voter on each side demands votes and each demand enough votes to alone control a majority. The probability of a minority victory is independent of the size of the minority and converges to one half, for any minority size, when the electorate is arbitrarily large. In a large electorate, the numerical advantage of the majority becomes irrelevant: democracy is undone by the market.
BASE
In: The economic journal: the journal of the Royal Economic Society, Band 113, Heft 484, S. 21-42
ISSN: 1468-0297
In: Journal of international economics, Band 58, Heft 1, S. 19-47
ISSN: 0022-1996
In: NBER Working Paper No. w6628
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Working paper
In: Journal of political economy, Band 98, Heft 1, S. 1-27
ISSN: 1537-534X