A Note on “Voting or a Price System in a Competitive Market Structure”*

John Ferejohn and Talbot Page

American Political Science Review, 1973, vol. 67, issue 1, 157-160

Abstract: The purpose of this note is to contribute to the analysis of various sorts of institutions for distributing goods to members of a society. The paper examines what happens when a society is faced with distributing ordinary private goods to its members. It can utilize three different sorts of institutions: a voting system, a price system, or a fixed proportions sharing rule. We suggest that a fixed proportions sharing rule generally will be found preferable by the society to majority rule. We argue that Shubik's assertion that a price system will dominate majority rule is not true without qualification.

Date: 1973
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