The Principle of Unanimity and Voluntary Consent in Social Choice
Bibliographic Data
| ID | 10172896 |
|---|---|
| Authors | Vernon L Smith (0000-0001-7917-1870, Chapman University, corresponding author) |
| Year | 1977 |
| Volume | 85 |
| Issue | 6 |
| Pages | 1125-1139 |
| Publication date | 1977-12-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/260630 |
| OpenAlex | W1963867276 |
| Language | EN |
| Citations received | 12 |
| References cited | 7 |
A discrete version of the author's incentive-compatible Auction Mechanism for public goods is applied to the problem of social choice (voting) among distinct mutually exclusive alternatives. This Auction Election is a bidding mechanism characterized by (1) unanimity, (2) provision for the voluntary compensation of voters harmed by a winning proposition, and (3) incentives for "reasonable" bidding by excluding members of a collective from maximal increase in benefit if they fail to agree on the proposition with largest surplus. Four of five experiments with six voters, bidding privacy, monetary rewards, and cyclical majority rule structure choose the best of three propositions
Auction theory · Bidding · Common value auction · Economics · Incentive · Incentive compatibility · Mechanism (biology · Microeconomics · Political science · Proposition · Public good · Social choice theory · Unanimity · Vickrey auction · Vickrey–Clarke–Groves auction · Voting · Auction Theory and Applications · Experimental Behavioral Economics Studies · Game Theory and Voting Systems · Law
Spectrum Auctions
Estimating the Willingness to Pay for Water Services in Nsukka Area of South-Eastern Nigeria Using Contingent Valuation Method (CVM)
Public Goods
The unanimity rule and religious fractionalisation in the Polish-Lithuanian Republic
The Nobel Prize in behavioral and experimental economics
Research in decision theory
The application of laboratory experimental economics to the contingent valuation of public goods
Efficient allocation and unanimous consent with incomplete demand disclosures
An Experimental Evaluation of Weakest Link/Best Shot Models of Public Goods
On the Auction Mechanism and Its Incentive Compatibility
Legislative Bargaining and the Dynamics of Public Investment
Wicksell's Unaminity Rule
| Unique citing works | 12 |
|---|---|
| Citations per year | 0,26 |
| Citation span | 1980 - 2013 (34) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 10 |