Voting Chances Instead of Voting Weights

Francesco Passarelli Paolo Di Giannatale
Authors registered in the RePEc Author Service: Francesco Passarelli and Paolo Di Giannatale

No 40, ISLA Working Papers from ISLA, Centre for research on Latin American Studies and Transition Economies, Universita' Bocconi, Milano, Italy

Abstract: We study political distortions that emerge in situations where agents' political power is disproportionate with respect to their economic power. We provide a precise definition which adopts the same measure unit, the Shapley value, to evaluate both the economic and the political power. We show that usual weighted majority voting cannot prevent political distortions from emerging in a huge mass of situations. We propose an alternative voting method based on random assignments of voting rights. Agents are given chances to vote instead of weights. If chances are computed according to a specific formula, no political distortion occurs. As an application, we analyze the rotation voting system recently adopted by the European Central Bank. We find that this system yields an enormous amount of political distortion. Then we compute the voting chances that should be assigned to countries in order to eliminate it.

Keywords: Voting power; Economic power; Political distortions; Voting rules; Weighted votes; Shapley value; Shapley Shubik index; European Central Bank (search for similar items in EconPapers)
JEL-codes: C71 D71 D72 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2011-11
New Economics Papers: this item is included in nep-cdm, nep-gth and nep-pol
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Related works:
Journal Article: Voting chances instead of voting weights (2013)
Working Paper: Voting chances instead of voting weights (2012)
Working Paper: Voting chances instead of voting weights (2012)
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