Imposing a minimum quality standard (MQS) is conventionally regarded as harmful if firms compete in quantities. This, however, ignores its possible dynamic effects. We show that an MQS can hinder collusion, resulting in dynamic welfare gains that reduce and may outweigh the static losses which...

Imposing a minimum quality standard (MQS) is conventionally regarded as harmful if firms compete in quantities. This, however, ignores dynamic effects. We show that an MQS can hinder collusion, resulting in dynamic welfare gains that reduce and may even outweigh the usual static losses. Verdicts...

We introduce the prediction value (PV) as a measure of players’ informational importance in probabilistic TU games. The latter combine a standard TU game and a probability distribution over the set of coalitions. Player i’s prediction value equals the difference between the conditional...

Can fiscal policy raise utility for all in dynamic economies with unobservable agent heterogeneity, when missing credit and insurance markets affect incentives to invest in human capital? If so, should the state provide transfers to the poor in the form of cash or in kind? In an occupational...

This timely and important volume addresses the serious challenges faced by democracy in contemporary society. With contributions from some of the world’s most prestigious scholars of public choice and political science, this comprehensive collection presents a complete overview of the...

This paper proposes a unified framework that integrates the traditional index-based approach and the competing non-cooperative approach to power analysis. It rests on a quantifiable notion of ex post power as the (counter-factual) sensitivity of the expected or observed outcome to individual...

This article replies to the claim that preference-based power indices are impossible and that preferences should be ignored when assessing actors’ influence in different interactions (Braham and Holler [2005] ‘The Impossibility of a Preference-based Power Index’, Journal of...