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Why Democracies Produce Efficient Results

1989; University of Chicago Press; Volume: 97; Issue: 6 Linguagem: Inglês

10.1086/261660

1537-534X

Donald Wittman,

Game Theory and Voting Systems

By applying the standard tools of microeconomic analysis, I argue that democratic markets work as well as economic markets. In particular, I show that previous work has greatly exaggerated the existence of principal-agent and informational problems in electoral markets and has drawn incorrect conclusions.