Consider my home county:
- Number of voters
- (Corollary: probability of swinging an election: )
- GDP: $400B
- Amount by which GDP might go up or down depending on a single election: 0.1%
- Probability I support the better side: 60%
Expected GDP increase from my voting
... = (fraction of GDP at stake) * P(I swing election) * (P(I'm good) - P(I'm bad))
... = ($400B * 0.1%) * (1/800) * (60% - 40%)
... = $100k
...which seems absurdly large! And it just gets crazier as you look at larger areas, since GDP goes up like while P(swing) only goes down like . For the United States, the same calculation yields a benefit of $300k.
What's going wrong here? (Or, is nothing going wrong? In which case, I guess I'll stop donating to charity and devote that time and energy to Getting Out The Vote instead.)
Ah! You're saying: if my "500k coin flips" model were accurate, then most elections would be very tight (with the winner winning by a margin of around 1/800, i.e. 0.125%), which empirically isn't what happens. So, in reality, if you don't know how an election is going to turn out, it's not that there are 500k fair coins, it's that there are either 500k 51% coins or 500k 49% coins, and the uncertainty in the election outcome comes from not knowing which of those worlds you're in. But, in either case, your chance of swinging the election is vanishingly small, because both of those worlds put extremely little probability-mass on the outcome being a one-vote margin.
(see also: johnwentworth's comment below)