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Books > Business & Economics > Economics
Storable votes are a simple voting scheme that allows the minority
to win occasionally, while treating every voter equally. Because
the minority wins only when it cares strongly about a decision
while the majority does not, minority victories occur without large
costs and indeed typically with gains for the community as a whole.
The idea is simple: consider a group of voters faced with a series
of proposals, each of which can either pass or fail. Decisions are
taken according to the majority of votes cast, but each voter is
endowed with a total budget of votes to spend freely over the
multiple decisions. Because voters will choose to cast more votes
on decisions that matter to them most, they reveal the intensity of
their preferences, and increase their probability of winning
exactly when it matters to them most. Thus storable votes elicit
and reward voters' intensity of preferences without the need for
any external knowledge of voters' preferences. By treating everyone
equally and ruling out interpersonal vote trades, they are in line
with common ethical priors and are robust to criticisms, both
normative and positive, that affect vote markets. The book
complements the theoretical discussion with several experiments,
showing that the promise of the idea is borne out by the data: the
outcomes of the experiments and the payoffs realized match very
closely the predictions of the theory. Because the intuition behind
the voting scheme is so simple: "vote more when you care more," the
results are robust across different scenarios, even when more
subtle strategic effects are not identified by the subjects,
suggesting that the voting scheme may have real potential for
practical applications.
Alessandra Casella has used the tools of economics to develop this
idea both theoretically and experimentally in major economics
journals, but this is the first book-length treatment of the
subject.
This timely book sets out a shrewd and comprehensive policy
programme, for both 'microeconomic' supply-side settings of tax and
regulatory systems, and 'macroeconomic' policies for fiscal and
monetary policies to regulate demand and support the supply-side
growth agenda. Explaining the numerous benefits of free trade after
Britain's exit from the EU, and challenging the anti-Brexit
argument, Patrick Minford builds on his extensive research into
economic modelling to quantify the effects of Brexit and propose
policies for the aftermath. Laying out an agenda for replacing
social interventionist EU regulation with a robust free market
framework, Minford proposes a radical tax reform programme to
broaden the tax base and flatten marginal rates. This incisive book
looks to the future of the UK beyond Brexit, addressing the effects
of coronavirus and proposing an avenue of policies for recovery.
Featuring key empirical analysis and insightful arguments, this
book will be crucial reading for economists and policymakers
investigating and overseeing the future of UK economic policy. It
will also benefit scholars of economics and political economy,
particularly those interested in tax reform programmes.
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