Exploring Voting Anomalies Using a Demand Revealing Random Price Voting Mechanism
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Recent papers show that in group decisions individuals have social preferences for efficiency and
equity. However, the effect of social preferences on voting, the predominant funding mechanism
for public goods, has not been thoroughly examined. This study investigates whether voting
decisions are affected by the distribution of net benefits associated with a proposed public
program using a new Random Price Voting Mechanism (RPVM). Theoretical and econometric
analysis of experimental results presented in the paper suggest that observed differences from
selfish voting are caused by a concern for social efficiency, and that voting may be more
efficient than previously thought.