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Can non-expected utility theories explain the paradox of not voting?

Author

Listed:
  • Serge Blondel

    (GRANEM (University of Angers))

  • Louis Lévy-garboua

    (CES (University Paris 1 Panthéon-Sorbonne))

Abstract
Many people vote in large elections with costs to vote although the expected benefits would seem to be infinitesimal to a rational mind. We exhibit two necessary conditions that a theory of rational decision must satisfy in order to solve the paradox. We then show that prospect and regret theories cannot solve it because each theory meets either one or the other necessary condition, but not both. However, the paradox of not voting is consistent with an amended version of third-generation prospect theory in which the reference is merely to vote or abstain.

Suggested Citation

  • Serge Blondel & Louis Lévy-garboua, 2011. "Can non-expected utility theories explain the paradox of not voting?," Economics Bulletin, AccessEcon, vol. 31(4), pages 3158-3168.
    • Handle: RePEc:ebl:ecbull:eb-11-00290
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    paradox of not voting; probability transformation; reference point; regret;
    All these keywords.

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D7 - Microeconomics - - Analysis of Collective Decision-Making

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