This paper explains that James Buchanan's theory of public debt entailed more than the shifting of cost forward in time …

. This may lead to exaggerated conservatism in the voting decision (status quo bias). To investigate how complexity affects …

We develop a tractable theory to study the impact of biased media on election outcomes, voter turnout and welfare. News … rise in media bias affects the election outcome in a non-monotonic way, and reduces voter welfare by decreasing the …

sum of voter payoffs (e.g., utilitarian). Our main result identifies a novel single-crossing property and shows that it … elections under both monopolistic and competitive persuasion. The single-crossing property is (i) generically satisfied when …'s preference and voting rules. Finally, we apply our results to study the welfare impacts of media bias and competition and show …

I present a theory of political property rights that serves as a complement to familiar Tiebout mechanisms in … explaining governance outcomes. I argue that when the structure of political property rights is such that the polity most closely … resembles a business corporation, governance will be largely productive. In contrast, when the structure of political property …