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Probabilistic Voting Theory
The probabilistic voting theory, also known as the probabilistic voting model, is a voting theory developed by professors Assar Lindbeck and Jörgen Weibull in the article "Balanced-budget redistribution as the outcome of political competition", published in 1987 in the journal ''Public Choice'', which has gradually replaced the median voter theory, thanks to its ability to find equilibrium within multi-dimensional spaces. The probabilistic voting model assumes that voters are imperfectly informed about candidates and their platforms. Candidates are also imperfectly informed about the utility preferences of the electorate and the distribution of voters' preferences. Unlike the median voter theorem, what drives the equilibrium policy is both the numerosity and the density of social groups and not the median position of voters on a preference scale. This difference explains why social groups which have a great homogeneity of preferences are more politically powerful than those w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Voting Theory
Social choice theory or social choice is a theoretical framework for analysis of combining individual opinions, preferences, interests, or welfares to reach a ''collective decision'' or ''social welfare'' in some sense.Amartya Sen (2008). "Social Choice,". ''The New Palgrave Dictionary of Economics'', 2nd EditionAbstract & TOC./ref> Whereas choice theory is concerned with individuals making choices based on their preferences, social choice theory is concerned with how to translate the preferences of individuals into the preferences of a group. A non-theoretical example of a collective decision is enacting a law or set of laws under a constitution. Another example is voting, where individual preferences over candidates are collected to elect a person that best represents the group's preferences. Social choice blends elements of welfare economics and public choice theory. It is methodologically individualistic, in that it aggregates preferences and behaviors of individual membe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Assar Lindbeck
Carl Assar Eugén Lindbeck (26 January 1930 – 28 August 2020) was a Swedish professor of economics at Stockholm University and at the Research Institute of Industrial Economics (IFN). Lindbeck was a member of the Royal Swedish Academy of Sciences and the Norwegian Academy of Science and Letters, and previously chaired the Academy's prize committee for the Nobel Memorial Prize in Economic Sciences. He was the first Swede to be appointed a foreign Honorary Member of the American Economic Association, and one of only three Swedes ever. Lindbeck has done research on unemployment (e.g. the insider-outsider theory of employment), the welfare state (including the effect of changing social norms and its interaction with economic incentives), and China's reformed economy. Lindbeck received a Ph.D. from Stockholm University in 1963 with the doctoral thesis ''A study in monetary analysis''. Assar Lindbeck also has a theory on self-destructive welfare state dynamics, in which the w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Jörgen Weibull
Jörgen is a village in the municipality of Tieschen in the ''Bezirk'' of Südoststeiermark in the Federal State of Styria in Austria. Its population was 159 in 2016. Jörgen is known for its fine white wines. Next to the more common white wines, it also produces Uhudler wines in small quantities. Uhudler is a unique wine from Austria, which originates in the Burgenland region. In Jörgen the white version may often be found, whereas is in Burgenland, its appearance is often a rosé colour. It has intense flavours of strawberry and black currants, a characteristic taste often called "foxy" in wine parlance. The grape varieties used are highly resistant to phylloxera and other diseases; as a result they do not often have to be sprayed with pesticides. They also require little fertilization Fertilisation or fertilization (see spelling differences), also known as generative fertilisation, syngamy and impregnation, is the fusion of gametes to give rise to a new individ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Median Voter Theory
The median voter theorem is a proposition relating to ranked preference voting put forward by Duncan Black in 1948.Duncan Black, "On the Rationale of Group Decision-making" (1948). It states that if voters and policies are distributed along a one-dimensional spectrum, with voters ranking alternatives in order of proximity, then any voting method which satisfies the Condorcet criterion will elect the candidate closest to the median voter. In particular, a majority vote between two options will do so. The theorem is associated with public choice economics and statistical political science. Partha Dasgupta and Eric Maskin have argued that it provides a powerful justification for voting methods based on the Condorcet criterion. Plott's majority rule equilibrium theorem extends this to two dimensions. A loosely related assertion had been made earlier (in 1929) by Harold Hotelling. It is not a true theorem and is more properly known as the median voter theory or median voter model. It ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Political Economy
Political economy is the study of how economic systems (e.g. markets and national economies) and political systems (e.g. law, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics. Political economy originated within 16th century western moral philosophy, with theoretical works exploring the administration of states' wealth; "political" signifying the Greek word '' polity'' and "economy" signifying the Greek word '; household management. The earliest works of political economy are usually attributed to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Public Economics
Public economics ''(or economics of the public sector)'' is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being. Public economics provides a framework for thinking about whether or not the government should participate in economic markets and if so to what extent it should do so. Microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference; this study involves the analysis of government taxation and expenditures. This subject encompasses a host of topics notably market failures such as, public goods, externalities and Imperfect Competition, and the creation and implementation of government policy. Broad methods and topics include: * the theory ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Public Expenditure
Public expenditure is spending made by the government of a country on collective needs and wants, such as pension, provisions, security, infrastructure, etc. Until the 19th century, public expenditure was limited as laissez faire philosophies believed that money left in private hands could bring better returns. In the 20th century, John Maynard Keynes argued the role of public expenditure in determining levels of income and distribution in the economy. Since then, government expenditures has shown an increasing trend. Sources of government revenue include taxes, and non-tax revenues. In the 17th and the 18th centuries, public expenditure was considered a wastage of money. Thinkers believed government should stay with their traditional functions of spending on defense and maintaining law and order. Theories of public expenditure Several theories of taxation exist in public economics. Governments at all levels (national, regional and local) need to raise revenue from a variet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Public Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public deb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Social Security
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance programs which provide support only to those who have previously contributed (e.g. most pension systems), as opposed to ''social assistance'' programs which provide support on the basis of need alone (e.g. most disability benefits). The International Labour Organization defines social security as covering support for those in old age, support for the maintenance of children, medical treatment, parental and sick leave, unemployment and disability benefits, and support for sufferers of occupational injury. More broadly, welfare may also encompass efforts to provide a basic level of well-being through free or subsidized ''social services'' such as healthcare, education, infrastructure, vocational training, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Anthony Downs
Anthony Downs (November 21, 1930October 2, 2021) was an American economist specializing in public policy and public administration. His research focuses included political choice theory, rent control, affordable housing, and transportation economics. He wrote a number of books including, '' An Economic Theory of Democracy'' (1957) and ''Inside Bureaucracy'' (1967), which have been major influences on the public choice school of political economy. In ''Downs's Law of Peak-Hour Traffic Congestion'' (1962), he accurately predicted that expanding expressways could not reduce traffic congestion, since demand would increase as well, and that reducing speeds increases capacity. He served as a senior senior fellow at the Brookings Institution in Washington, D.C., member of faculty at the University of Chicago and a visiting fellow at the Public Policy Institute of California in San Francisco. Early life James Anthony Downs was born on November 21, 1930, in Evanston, Illinois. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Probabilistic Models
Probability is the branch of mathematics concerning numerical descriptions of how likely an event is to occur, or how likely it is that a proposition is true. The probability of an event is a number between 0 and 1, where, roughly speaking, 0 indicates impossibility of the event and 1 indicates certainty."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th Ed, (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', (Vol 1), 3rd Ed, (1968), Wiley, . The higher the probability of an event, the more likely it is that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%). These conce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |