Appellate courts sometimes issue inconsistent decisions. Individual judges are sometimes inconsistent too. We argue that making judges more consistent could exacerbate the problem of inconsistent courts. We do so through a variant of Arrow's model of preference aggregation in which preferences...

I introduce a model of shareholder voting. I describe and provide characterizations of three families of shareholder voting rules: ratio rules, difference rules, and share majority rules. The characterizations rely on two key axioms: merger consistency, which requires consistency in voting...