Optimal majority threshold in a stochastic environment

Vitaly Malyshev ()
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Vitaly Malyshev: Russian Academy of Sciences

Group Decision and Negotiation, 2021, vol. 30, issue 2, No 8, 427-446

Abstract: Abstract Within the model of social dynamics determined by collective decisions in a stochastic environment (the ViSE model), we consider the case of a homogeneous society consisting of classically rational economic agents. We obtain analytical expressions for the optimal majority threshold as a function of the parameters of the environment, assuming that the proposals are generated by means of random variables. The cases of several specific distributions of these variables are considered in more detail.

Keywords: ViSE model; Social dynamics; Voting; Stochastic environment; Pit of losses (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s10726-020-09717-8

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