We examine the consequences of vote buying, assuming this practice were allowed and free of stigma. Two parties competing in a binary election may purchase votes in a sequential bidding game via up-front binding payments and/or campaign promises (platforms) that are contingent upon the outcome...

We study the stability and efficiency of social and economic networks, when self-interested individuals have the discretion to form or sever links. First, in the context of two stylized models, we characterize the sets of stable networkds (immune to incentives to form or sever links) and the...

A decision maker has to elicit information from informed experts regarding the desirability of a certain action from experts who share similar preferences which differ significantly from those of the decision maker. The question is how much information the decision maker can elicit, despite the...

This paper investigates the functioning of markets for credence goods. These are markets in which the information asymmetries are of the form that sellers are also experts who determine customers' needs. It examines the role of customers' search for multiple opinions in disciplining experts. It...

The purpose of this paper is ti develop the theory of the firm to get better understanding of situations in which individual employees enjoy some bargaining power in their relations with the firm, and in which the terms of employment are determined and adjusted through individual contracting and...