| A joint Politics and Economics series |
| Social choice and electoral systems |
|---|
 |
 Mathematics portal |
Quadratic voting is a rated voting method procedure where voters express the degree of their preferences.[1] By doing so, quadratic voting seeks to address issues of the Condorcet paradox and tyranny of the majority. Quadratic voting works by allowing users to "pay" for additional votes on a given outcome to express their support for given issues more strongly, resulting in voting outcomes that are aligned with the highest willingness to pay outcome, rather than just the outcome preferred by the majority regardless of the intensity of individual preferences. The payment for votes may be through either artificial or real currencies (e.g. with tokens distributed equally among voting members or with real money).[2][1] Quadratic voting is a variant of cumulative voting, but requires that to vote multiple times for an option, the square of the amount of votes you cast for that option must be spent from the available pool of credits.
E. Glen Weyl and Steven Lalley published research in 2017 in which they argue the system has high social utility efficiency.[3]
| Number of votes |
"Vote credit" cost |
|---|---|
| 1 | 1 |
| 2 | 4 |
| 3 | 9 |
| 4 | 16 |
| 5 | 25 |
- ^ a b Lalley, Steven; Weyl, E. Glen (24 December 2017). "Quadratic Voting: How Mechanism Design Can Radicalize Democracy". SSRN 2003531.
- ^ Posner, Eric A.; Weyl, E. Glen (2018). Radical markets: uprooting capitalism and democracy for a just society. Princeton University Press. ISBN 9780691177502. OCLC 1030268293.
- ^ Weyl, E. Glen (1 July 2017). "The robustness of quadratic voting". Public Choice. 172 (1): 75–107. doi:10.1007/s11127-017-0405-4. ISSN 1573-7101. S2CID 189841584.