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The analysis of common goods needs to look very carefully at the characteristics of the goods and of the social situations of their provision. Different characteristics lead to different strategic constellations and therefore to different opportunities for institutional solutions to the problems...
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We propose two related equilibrium refinements for voting and agenda-setting games. Sequentially Weakly Undominated Equilibrium (SWUE) and Markov Trembling Hand Perfect Equilibrium (MTHPE), and show how these equilibrium concepts eliminate non-intuitive equilibria that arise naturally in dynamic...
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The analysis of common goods needs to look very carefully at the characteristics of the goods and of the social situations of their provision. Different characteristics lead to different strategic constellations and therefore to different opportunities for institutional solutions to the problems...
Persistent link: https://www.econbiz.de/10014131049
We model the trade-off between centralized and decentralized decision making over the provision of local public goods. Centralized decisions are made in a legislature of locally elected representatives, and this creates a conflict of interest between citizens in different jurisdictions. The...
Persistent link: https://www.econbiz.de/10010364304