VOTING PARADOX: The observation that voting by a relatively small group of people might generate a intransitive or inconsistent ranking of three or more alternatives, creating a paradox of rankings. The preferences of rational individuals are generally assumed to transitive and consistent, that is, if a person prefers A to B and B to C, then the person also prefers A to C. However, the preferences of group of voters might not be consistent. That is, as a group, voters might prefer A to B and B to C, but then prefer C to A. This is not only paradoxical and confusing, it also can be inefficient.

     See also | public choice | majority rule | super majority rule | unanimity rule | plurality rule | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem | principle of the median voter |

VOTING PARADOX, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 26, 2018].

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Two different inclinations toward institution changing innovations and maintenance of the status quo. One alternative is entrepreneurial behavior, which is the willingness to develop or adopt innovations that change existing institutions and the status quo. The other alternative is managerial behavior, which is the desire to maintain and promote existing institutions and the status quo. These alternatives can be traced to different preferences for novel and redundant information, which result from the physiological reaction to a potential threat.

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