Constitution is a pair of rules  <formula format="inline"> <simplemath>(s, S) </simplemath> </formula> that are used in a voting situation. The rule s is used to vote about the existing alternatives and the rule S is used to vote about changing the rule s to some other rule  <formula format="inline"> <simplemath>s′ </simplemath> </formula>. We consider what kind of constitutions are likely...

We consider a standard sequential decision to adopt/buy a good in a herding environment. The setup is same as in Sgroi (2002). Contrary to the basic herding case we introduce a cost that the agents have to pay for the information about their predecessors' actions. All agents receive informative...