Mancur Olson and the tragedy of the unbalanced commons
In: Decyzje, Heft 24, S. 191-202
ISSN: 2391-761X
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In: Decyzje, Heft 24, S. 191-202
ISSN: 2391-761X
In: Capitalism and society: a journal of The Center on Capitalism and Society, Band 1, Heft 2
ISSN: 1932-0213
In: The American journal of economics and sociology, Band 64, Heft 1, S. 435-443
ISSN: 1536-7150
Abstract A comment on the article by Victor Fuchs in this volume.
In: Journal of risk and uncertainty, Band 12, Heft 2-3, S. 113-140
ISSN: 1573-0476
In: The Geneva papers on risk and insurance - issues and practice, Band 21, Heft 1, S. 3-21
ISSN: 1468-0440
In: The Geneva papers on risk and insurance theory, Band 20, Heft 2, S. 157-175
ISSN: 1573-6954
In: The journal of business, Band 59, Heft S4, S. S435
ISSN: 1537-5374
In: Journal of political economy, Band 90, Heft 6, S. 1303-1306
ISSN: 1537-534X
In: American political science review, Band 67, Heft 3, S. 934-946
ISSN: 1537-5943
The market is a decentralized system that can bring about efficient economic decisions. This paper examines whether social choice mechanisms can duplicate this success in the political arena. The famed Arrow result tells us centralized systems cannot achieve efficient, nondictatorial outcomes unless they rely on cardinal preferences. With decentralization, efficiency comes to require something more: the truthful revelation of preferences. Schemes that elicit honest preferences are derived here. By their very structure they are shown to lead to inefficient outcomes. This negative result leads to the question whether the validity of the initial analogy continues. Market-based standards of performance may be innappropriate for investigations of political phenomena.
In: NBER Working Paper No. w26041
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Working paper
In: Capitalism and Society, Vol. 1, Issue 2, Article 5, 2006
SSRN
In: Journal of political economy, Band 79, Heft 2, S. 376-380
ISSN: 1537-534X
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