Public Choice is the merger between political science and economics. In the introductory sections of this survey it is investigated what we can expect from the logic of public choice. How far is it able to produce consistent results? Is public choice consistent with liberty? What can be done to...

Institutions are important for proper economic performance, but are replaceable by trust or other social norms. We show that when proper institutions and trust are missing, integrity of the individuals can replace them. We construct a model of a transactions-based economy with contracts...

This paper derives and justifies a procedurally fair bidding mechanism and reviews experiments that apply the mechanism to public projects provision. In the experiments, not all parties benefit from provision, and the projects’ costs can be negative. The experimental results indicate that the...