In order to understand inefficient institutions, one needs to understand what mightcause the breakdown of a political … powerand distribution where institutions (the \rules of the game") are set to maximize payoffsof those individuals in power …. Equilibrium institutions arethe fixed point of this constrained maximization problem. This model can be appliedto different …

We analyze the role of risk-sharing institutions in transitions to modern economies.Transitions requires individual …-level, idiosyncratic risk implies thatdistinct risk-sharing institutions – even those providing the same level of insurance – can leadto … model incorporating England’s andChina’s distinct pre-modern risk-sharing institutions. The model predicts a transition …