The paper surveys recent results of auction theory, bargaining theory and political economy in order to compare …

simple median voter model to predict the policy of future governments. It is shown that there will be less expropriation the …. The threat of expropriation adversely affects investment and restructuring efforts. It is shown that a mass privatization …

selectorate in specific instances of successful autocracy. We also show that, consistent with the theory, leadership turnover in …

liberalization in the telecommunications sector. Building on the framework of a generalized private interest theory, we derive … less democratic countries. We find reasonably strong evidence in favour of the generalized interest group theory. Countries … and cannot be more easily financed by borrowing from the financial market. Democracy appears to affect the pace of reform …

non-democracy to democracy, alters the distribution of de jure political power, but the elite can intensify their … the elite in democracy or for costs of changing economic institutions, the equilibrium takes the form of a Markov regime … difficult than altering economic institutions, the model leads to a pattern of captured democracy, whereby a democratic regime …

level. The evidence supports "development" theories of democracy and growth that highlight the positive impact of … representative institutions on economic activity. They also favour Friedrich Hayek (1960)’s idea that the merits of democracy appear …