How Does a Voter’s Budget Constraint Influence Their Quadratic Voting Strategy?

A voter with a fixed budget of tokens must decide how to allocate their spending across various proposals to maximize their utility. Because the cost of votes increases quadratically, a rational voter will choose to cast a few votes on many issues they care about, rather than spending their entire budget on a large number of votes for a single issue.

The budget constraint forces a trade-off between the intensity of support for one issue and the breadth of influence across multiple issues.