The Condorcet paradox revisited (Q2629515): Difference between revisions

This paper discusses the Condorcet paradox within a strategic bargaining model with majority voting, exogenous recognition probabilities, and no discounting. The analysis employs the concepts of bargaining power, risk coefficient and perfect equilibrium. It is shown that stationarity of subgames perfect equilibria ensure agreement within finite expected time and that, for generic parameter values, SSPEs are unique and exclude Condorcet cycles.