I develop a model of strategic entry by candidates for office in runoff elections under aggregate uncertainty. I introduce aggregate uncertainty by making candidates unsure of the distribution of voter preferences in the electorate. The set of three candidate equilibria expands and equilibrium...

We analyze a psychologically-based model of voter turnout in an election with common value and uncertainty. Our model yields distinctive comparative statics results. First, an increase in the proportion of informed citizens may cause the winning margin for the right candidate to either rise or...

Using probabilistic methods and economic principle of maximization, the book studies: performance of different majority rules, independence versus cooperation among the members of an organization in reaching a decision, consequences of the presence of a leader on the performance of a decision...

Suppose that a group of agents having divergent expectations can share risks efficiently. We examine how this group should behave collectively to manage these risks. We show that the beliefs of the representative agent is in general a function of the group.s wealth level, or equivalently, that...