productivity. Nevertheless, only a minority of sessions converge to this system, indicating a tendency for the voting process to …

values is uncertain and bidders exhibit ambiguity aversion. In contrast to sealed-bid auctions, in open auctions the bidders … values. The bidders have smooth ambiguity preferences and update their priors using consequentialist Bayesian updating. It is … shown that ambiguity aversion usually affects bidding behavior the same way risk aversion does, but the main result is that …

I introduce a microfounded model of campaign finance with office-seeking politicians, a continuum of voters, and a … large number of heterogeneous lobbies. Lobbies make contributions to politicians according to a common agency framework …. Politicians use contributions to finance their electoral expenditures. Voters are not fooled by electoral expenditures: they are …

In the context of an overlapping generations model with intragenerational inequality and majority voting, I study how … relative size in the voting population increases. This exerts downward pressure on the taxation of the old. On the other hand …