Quadratic voting

Quadratic voting (QV) is a voting system that encourages voters to express their true relative intensity of preference (utility) between multiple options or elections.[1] By doing so, quadratic voting seeks to mitigate tyranny of the majority—where minority preferences are by default repressed since under majority rule, majority cooperation is needed to make any change. Quadratic voting prevents this failure mode by allowing voters to vote multiple times on any one option at the cost of not being able to vote as much on other options. This enables minority issues to be addressed where the minority has a sufficiently strong preference relative to the majority (since motivated minorities can vote multiple times) while also disincentivizing extremism / putting all votes on one issue (since additional votes require more and more sacrifice of influence over other issues).

Quadratic voting works by having voters allocate "credits" (usually distributed equally, although some proposals talk about using real money) to various issues. The number of votes to add is determined by a quadratic cost function, which simply means that the number of votes an individual casts for a given issue is equal to the square root of the number of credits they allocate (put another way, to add 3 votes requires allocating the square or quadratic of the number of votes, i.e. 9 credits).[2] Because the quadratic cost function makes each additional vote more expensive (to go from 2-3 votes, you need to allocate 5 extra credits, but from 3-4, you would need to add 7), voters are incentivized to not over-allocate to a single issue and instead to spread their credits across multiple issues in order to make better use of their credits. This incentive creates voting outcomes more closely aligned with a voter's true relative expected utility between options. Compared to score voting or cumulative voting where voters may simply not vote for anyone other than their favorite, QV disincentivizes this behavior by giving voters who more accurately represent their preferences across multiple options more overall votes than those who don't.[3]

Vote pricing example
Number
of votes
"Vote credit"
cost
1 1
2 4
3 9
4 16
5 25
  1. ^ Lalley, Steven; Weyl, E. Glen (24 December 2017). "Quadratic Voting: How Mechanism Design Can Radicalize Democracy". SSRN 2003531.
  2. ^ Posner, Eric A.; Weyl, E. Glen (2018). Radical markets: uprooting capitalism and democracy for a just society. Princeton University Press. ISBN 9780691177502. OCLC 1030268293.
  3. ^ 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.

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