members choose either a risky reform or a safe alternative each period. When no redistribution is allowed the unique … equilibrium outcome is generically inefficient. When redistribution is allowed (even small amounts), there always exists an … policy experimentation is possible only with a sufficient amount of redistribution. We conclude that veto rights are more of …

their effort, it will chose low redistribution and low taxes. In equilibrium effort will be high, the role of luck limited …

Even relatively poor people oppose high rates of redistribution because of the anticipation that they or their children … in large-scale expropriation and highly progressive redistribution. But is it compatible with everyone -- especially the …

systems of education finance or health insurance. The underlying mechanism operates as follows. With imperfect credit and … public education. Aggregate efficiency gains imply very different political economy consequences from those of standard … imperfections make future earning a function of current resources. Combined with the politics of redistribution this creates the …