Difference between revisions of "Messner, M. and M. Polborn (2004), Voting on Majority Rules"
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*While median voter prefer voting rule of <math>r(t_{m})=2c</math> for a current project, he prefers <math>r(t_{m})=4c</math> to decide on all future projects. | *While median voter prefer voting rule of <math>r(t_{m})=2c</math> for a current project, he prefers <math>r(t_{m})=4c</math> to decide on all future projects. | ||
*rule of <math>r(t_{m})=4c</math> corresponds to <math>t_{s}=\frac{3}{4}>\frac{1}{2}</math> | *rule of <math>r(t_{m})=4c</math> corresponds to <math>t_{s}=\frac{3}{4}>\frac{1}{2}</math> | ||
| + | *If we focus on welfare of all future generations obviously <math>t_{c}=\frac{1}{2}</math> | ||
| + | *If we focus on welfare of all those currently alive <math>t_{c}=\frac{2}{3}</math> | ||
Revision as of 15:24, 16 May 2012
Return to BPP Field Exam Papers 2012
Intergenerational Conflict
- Voters born in continuous time and live for length 1
- Deaths equal birth, so continuous mass
- Some chance of reform opportunity
- Reforms cost, c, yeild value v element of [0, [math]\infty[/math]]
Results
- At any given time, median voter will be happy with simply majority
- However, median voter is only median for a split second, so if constitutional moment arises, he will choose super-majority
- While median voter prefer voting rule of [math]r(t_{m})=2c[/math] for a current project, he prefers [math]r(t_{m})=4c[/math] to decide on all future projects.
- rule of [math]r(t_{m})=4c[/math] corresponds to [math]t_{s}=\frac{3}{4}\gt \frac{1}{2}[/math]
- If we focus on welfare of all future generations obviously [math]t_{c}=\frac{1}{2}[/math]
- If we focus on welfare of all those currently alive [math]t_{c}=\frac{2}{3}[/math]
