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Analysis of the voting method used in the European Central Bank

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Języki publikacji
EN
Abstrakty
EN
Game theoreticians usually deal with standard voting methods such as plurality voting or approval voting. In reality however, some complicated non-standard voting methods are used. In this paper the voting method and rotation scheme have been presented used by the Governing Council of the European Central Bank (ECB), as it enlarges to accommodate new members of the economic and monetary union. We present game theoretical approaches for analyzing this method and different methods of computing the Shapley value for games connected with voting under such rotation schemes.
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75--86
Opis fizyczny
Bibliogr. 13 poz., tab.
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autor
  • Warsaw School of Economics, al. Niepodleglości 162, 02-554 Warsaw, Poland
Bibliografia
  • [1] BELKE A., VON SCHUBERIN B., European Monetary Policy and the EBC Rotation Model. Voting Power of the Core versus Periphery, Discussion Paper 983, DIV, Berlin 2010.
  • [2] BELKE A., STYCZYNSKA B., The allocation of power in the enlarged EBC Govering Council: An Assessment of the EBC Rotation Model, Journal of Common Market Studies, 2006, 44 (5), 865–897.
  • [3] EBC Monthly Bulletin, European Central Bank, 2009, July, Frankfurt/Main.
  • [4] KOSIOR A., ROZKRUT M., TOROJ A., Rotation Scheme of the EBC Governing Council: Monetary Policy Effectiveness and Voting Power Analysis, [in:] Report on full membership of the Republic of Polish in the third stage of Economic and Monetary Union, National Bank of Poland, 2008, 53–102 (in Polish).
  • [5] MACHOVER M., Notions of a priori voting power. Critique of Holler and Windgren, Homo Oeconomicus, 2000, 16, 415–425.
  • [6] MESTERTON-GIBBONS M., An Introduction to Game Theoretic Modelling, American Mathematical Society, 2001.
  • [7] OWEN G., Values of games with a priori unions, [in:] Essays in Mathematical Economics and Game Theory, R. Hein, O. Moeshlin (Eds.), Springer-Verlag, Berlin 1977, 76–88.
  • [8] OWEN G., Game Theory, Third Edition, Academic Press, San Diego, 1995.
  • [9] PASSARELLI F., BARR J., Preferences, the agenda setter, and the distribution of power in the EU, Social Choice and Welfare, 2007, 28, 41–60.
  • [10] SHAPLEY L.S., A value for n-person games, [in:] Contributions to the Theory of Games, Vol. II, H.W. Kuhn, A.W. Tucker (Eds.), Annals of Mathematical Studies, 1953, 28, 307–317.
  • [11] SHAPLEY L.S., SHUBIK M., A method for evaluating the distribution of power in a committee system, American Political Science Review, 1954, 48, 787–792.
  • [12] TILMANN P., Strategic Forecasting of the FOMC, European Journal of Political Economy, 2011, 27, 547–553.
  • [13] ULRICH K., Decision making of the EBC. Reform and voting power, Discussion Paper, No. 04-70, ZEW, Mannheim 2004.
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Bibliografia
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bwmeta1.element.baztech-2debddd2-fe96-4a2b-ad17-c302e3befded
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