A Social Choice Lemma on Voting over Lotteries with Applications to a Class of Dynamic Games
Paper Number:
1163
Date:
05/01/2003
Abstract:
We prove a lemma characterizing majority preferences over lotteries on a subset of Euclidean space. Assuming voters have quadratic von Neumann-Morgenstern utility representations, and assuming existence of a majority undominated (or "core") point, the core voter is decisive: one lottery is majority-preferred to another if and only if this is the preference of the core voter. Several applications of this result to dynamic voting games are discussed.
Paper Length:
21 pages
Paper:
sswp1163c.pdf