Economics of Voting: Theories and Evidence

In seeking to extend rational choice theory from “market” to “political” behaviour, economists have encountered a paradox: namely, that the act of voting itself appears to be inconsistent with the assumption of rationality. This is true not only when self‐interest is assumed, but also when altruistic behaviour (at least in its non‐Kantian form) is allowed for. This article surveys the theoretical and empirical literature on the determinants of the decision to participate in voting, and concludes that this decision is responsive to changes in the expected benefits and costs of voting; even though the expected costs of voting must normally outweigh the expected benefits. Interpretations of this behaviour include the possibility that voters act rationally, but are misinformed about the likely effectiveness of their votes; alternatively, the electorate may include more Kantians than economists have generally been willing to admit.