Messner, M. and M. Polborn (2004), Voting on Majority Rules
Revision as of 15:21, 16 May 2012 by imported>Moshe (→Intergenerational Conflict=)
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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]