Spatial models of simple majority rule voting suggest that stable decisions are not likely to exist under normal circumstances. Yet this instability result stands in contrast to the stability observed in experiments. This article examines the effect of relaxing the assumption that voting is...

The paper studies monopoly pricing of a vertically differentiated durable good in a two-period model. It provides an explanation for seemingly unusual practice of a firm selling a "degraded good," arguing that the presence of Coasian dynamics may lead to the sale of the degraded good that is not...