Quadratic Voting

As discussed in class, ranked-choice voting is beginning to spread across the country. But there is an also an emerging alternative theory of voting that may actually lead to more efficient outcomes. In the theory of quadratic voting, a voter would be given a set number of "voice credits" (say, 400, as the authors propose) that they may allocate as they wish. "Voice credits" would apply to a wide array of topics, which can include anything from a local referendum to a national election. In any given election, the voter can submit as many votes as their budget allows, but the price of each marginal vote in any singular election is the square of the number of votes cast. In other words, consider the recent election for Albemarle County Sheriff. If a voter has 400 voice credits, they may cast 1 vote for their preferred candidate at a cost of 1 voice credit. Casting 2 votes costs 4 voice credits. 3 votes costs 9, etc. If a voter cared only about the Albemarle County Sheriff's election, they may cast 20 votes for their preferred candidate, but would not be allowed to vote in any other elections during the election cycle. Theoretically, this allows individuals to reveal true preferences, particularly in situations where populists threaten to oppress a minority group.

Of course, it seems unlikely that this would ever be implemented on a large-scale level. But in the Colorado state legislature, quadratic voting was actually implemented after the 2018 election. With the Democratic party taking control of both houses of the legislature, the party needed to figure out what legislation to prioritize for funding. In order to reveal the true preferences of its legislators, they held a quadratic vote, hoping that the costs attached to each vote would force members to truly vote their preference, as opposed to simply voting for their own bills. They gave 100 voice credits to each member and allowed them to distribute their votes among the proposed bills as they saw fit. The winner was S.B. 85, the Equal Pay for Equal Work Act. As a result, the Democrats of Colorado put this bill on the top of their agenda, and in May of this year, Governor Jared Polis signed the bill into law. It will go in effect on January 1, 2021.