1995•The Journal of Economic PerspectivesRequires access

Optimal Voting Rules

Peyton Young

Abstract

Modern social choice theory, following Kenneth Arrow, treats voting as a method for aggregating diverse preferences and values. An earlier view, initiated by Marquis de Condorcet, is that voting is a method for aggregating information. Voters’ opinions differ because they make errors of judgment; absent these errors they would all agree on the best choice. The goal is to design a voting rule that identifies the best choice with highest probability. This paper examines maximum likelihood estimation. Surprisingly, the optimal rule can also be axiomatized by variations of Arrow's axioms.

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Key concepts: Condorcet method, Arrow, Social choice theory, Voting, Axiom, Cardinal voting systems, Bullet voting, Approval voting