We develop a model of common agency with complete information and general preferences with non-transferable utility, and prove that the principals'Nash equilibrium in truthful strategies implements an efficient action. We apply this theory to construct a positive model of public finance, where...

We study the politics of intergenerational redistribution in an overlapping-generations model with short-lived governements. The successive governements -who care about the welfare of the currently living generations and possibly about campaign contributions- are unable to pre-commit the future...

We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a unique,...

We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a unique,...

We study the electoral competition between two parties vying for seats in a legislature. The electorate includes knowledgeable voters and impressionable voters, the later susceptible to electioneering activities.