Get rid of unanimity rule: the superiority of majority rules with veto power
Journal
Journal of Political Economy
Subject
Economics
Publishing details
Publication Year
2016
Abstract
We study unanimous decision making under incomplete information. We argue that all unanimous decision rules are not equivalent. We show that majority rules with veto power are (i) Pareto superior to commonly used unanimous rules, and (ii) ex-ante efficient in a broad class of situations.
Keywords
Unanimity rule; Veto power; Qualified majority; Information aggregation
Available on ECCH
No
