I introduce a model of representative democracy with strategic parties, strategic candidates, strategic voters and multiple districts. If policy preferences are similar across districts and not too concentrated within districts, then the number of effective parties is larger under proportional...

I introduce a model of representative democracy with strategic parties, strategic candidates, strategic voters and multiple districts. If policy preferences are similar across districts and not too concentrated within districts, then the number of effective parties is larger under proportional...

We study an overlapping generations version of the principal-agent problem, where incentive contracts are determined in general equilibrium. All individuals are workers when young, but have a choice between becoming entrepreneurs or remaining workers when old. Imperfections in the credit market...