unanticipated) changes in the distribution of political power and in economic structure. We focus on the Markov Voting Equilibria …, which require that economic and political changes should take place if there exists a subset of players with the power to … institutions as well as individual types can be ordered, and preferences and the distribution of political power satisfy natural …

political power decides the allocation of resources. We show that Pareto efficient allocations take a quasi-Markovian structure … and can be represented recursively as a function of the identity of the group in power and updated Pareto weights. For … disappear and labor supply and consumption levels fluctuate over time. The labor supply of groups that are not in power are …

theoretical results are summarized in a number of propositions. We discuss the implications of the theory, comment on its relation …

system, and second, that presidents have more power with respect to their own coalition than prime ministers do. These … setting power to another group. We argue that the model is consistent with a great deal of qualitative information about …

and others in specialization. Our theory throws light on the nature of hierarchy, the optimal degree of decentralization …

asymmetric information, game theory, and behavioral economics …The paper argues that any theory of deep downturns has to answer these questions: What is the source of the …