Political reforms can be understood as the reconfiguration of formal institutions. The rational choice of formal institutions is the core topic of the New Institutional Economics research program. While bounded rationality is a core assumption of the New Institutional Economics and the reason...

This study considers waiting times for populations to achieve efficient social coordination. Belloc and Bowles [1] conjecture that coalitional behavior will hasten such coordination. This turns out to be true when every member of the population interacts with every other member, but does not...