The Credibility Factor in Elections: Evidence from Britain's Nationwide Building Society's Vote against Conversion

Stephanie Hoopes

Public Choice, 2001, vol. 107, issue 1-2, 115-33

Abstract: Why did members of Nationwide Building Society vote against converting to a bank and, by doing so, turn down a L2,000 windfall each? The findings of a survey of Nationwide members show that voters make more sophisticated and calculated choices than previously believed. In the Nationwide case, the voting decision was a calculation of costs and benefits as well as an evaluation of the likelihood that they would in fact be realised. The inclusion of a likelihood variable, which is based on information and attitude towards risk, provides a more realistic approach to understanding voting in rational choice terms. Copyright 2001 by Kluwer Academic Publishers

Date: 2001
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