This article examines whether an increase in political participation biased toward low-income voters - and concentrated in legislative elections - impacts federal representatives' allocation of resources from the federal budget to Brazilian municipalities. We use a regression discontinuity...

We introduce consistency of beliefs in the space of hierarchies of conditional beliefs (Battigalli and Siniscalchi) and use it to provide epistemic conditions for equilibria in finite multi-stage games with observed actions.

Harris, Reny, and Robson (1995) added a public randomization device to dynamic games with almost perfect information to ensure existence of subgame perfect equilibria (SPE). We show that when Nature's moves are atomless in the original game, public randomization does not enlarge the set of SPE...

We provide a shorter proof of the main result in Reny and Perry (2006, Econometrica) by establishing a lower semicontinuity property of auctions as the number of traders goes to infinity, leveraging existence of equilibria in the limit auction. Our proof also eliminates two of the assumptions in...