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Recent historical works, most notably 2017's Democracy in Chains, claim that 1986 Nobel Laureate James M. Buchanan's formative contributions to political economy were inspired in significant part by hostility to Brown v. Board of Education. This argument suggests that the research agenda of...
Persistent link: https://www.econbiz.de/10012900645
We develop a theory of information flows and political regime change, when citizens use information and communication technologies (ICTs) for both information acquisition and protest coordination. Governments can respond by obfuscation of citizens' signal or by restricting access to ICTs used...
Persistent link: https://www.econbiz.de/10012901800
Behavioral economics characterizes decision-makers using psychologically-informed models. Cognitive science produces psychologically-informed models. Why don't these disciplines talk more? Here, I present several arguments for why cognitive science should inform behavioral economics — it...
Persistent link: https://www.econbiz.de/10012911156
This paper describes a parsimonious macro-finance model where contracts are the mechanism by which differentially risk averse bondholders and stockholders resolve a conflict of interest problem and confront the risks associated with future investment and financing decisions of a representative...
Persistent link: https://www.econbiz.de/10012888831
Two well-known mechanisms for enhancing managers' accountability are yardstick competition and internal monitoring. Yardstick competition puts managers in direct competition when firms make decisions for re-appointment (Tirole, 2006). Monitoring is used by firms to detect managers' rent-seeking...
Persistent link: https://www.econbiz.de/10012890290
Contemporary politics in most western countries can be modeled with two dominant left and right factions, with some third parties, some of whom are non-interventionists. Although unsuccessful, they occasionally claim widespread support. Treating such claims as valid I develop a model of...
Persistent link: https://www.econbiz.de/10012896505
These lecture notes provide an introduction to dynamic public good provision games. These games can be used to model situations in which a group of agents collaborate to complete a project, or computer scientists developing open source software, or individuals contributing to a fundraising...
Persistent link: https://www.econbiz.de/10012896683
We study the political economy of redistribution over a broad class of decision rules. Since the core is generically non-unique, we suggest a simple and elegant procedure to select a robust equilibrium. Our selected policy depends on the full income profile, and in particular, on the preferences...
Persistent link: https://www.econbiz.de/10012897378
This paper argues that populism in the era of Donald Trump and Brexit is a reaction to high transaction costs between citizens and the political class. In the Westminster system, voters delegate large amounts of decision-making power to elected representatives, who in turn delegate much of their...
Persistent link: https://www.econbiz.de/10012943418
This paper analyzes agreements between governments that determine the division of policy-making power between central and regional governments. Our analysis demonstrates that initial circumstances and political risks affect the degree of centralization that will be adopted, and that asymmetric...
Persistent link: https://www.econbiz.de/10012767327