In most macroeconomic models with quantity rationing regard agents as very naive, for despite sucessive periods of rationiong they continue to behave as if they have had no such experience. This behaviour is logical since quantity adjustment is assumed costless and frictionless. However if we...

In fixed-time electoral economies, partisan surprises are associated with a change in government as in Alberto Alesina (1987). This paper models additional partisan surprises present in variable-electoral-term economies due to the timing of the change in government. Two versions of the model are...

An open macroeconomic model where wages and employment are determinedby bargaining between a representative firm and a representative union is developed. The model is characterized by a number of regimes; in each of these regimes the effects of changes in the termsof trade and in government...

In this paper we combine several strands of basic economic theory to provide a structure for analysing bileratal bargaining in the labour market. Using a quadratic revenue function and a Cobb-Douglas utility function largely for expositional ease, we derive isoprofit and isoutility curves for...

A politico-economic model is developed in which rationally-formed forecasts are available to all traders. Systematic government policy is neutral, but a large majority of the electorate, those who adopt rationally formed forecasts, but do not know the model, hold the government responsible for...

We develop a model of voluntary gradual franchise extension and growth based on the idea that voting is an information aggregation mechanism. A larger number of voters mean more correct decisions are made hence more output, but also imply that any incremental output needs to be shared among more...

This paper extends M. L. Weitzman's analysis of share contracts. Firstly, a second variable input is introduced into a firm's production technology. Some share contracts give the firm an incentive to reduce worker compensation by manipulating the second variable input. This implies that...