Binary Voting with Delegable Proxy: An Analysis of Liquid Democracy

The paper provides an analysis of the voting method known as delegable proxy voting, or liquid democracy. The analysis first positions liquid democracy within the theory of binary aggregation. It then focuses on two issues of the system: the occurrence of delegation cycles; and the effect of delegations on individual rationality when voting on logically interdependent propositions. It finally points to proposals on how the system may be modified in order to address the above issues.