When a principal and an agent operate with simple contracts, at equilibrium, renegotiation will occur after the action is taken. Also, since renegotiation makes incentive contracts non-credible, the principal may prefer non-renegotiable monitoring options. Current literature does not fully...

This paper develops an economic perspective on political theory, as a guide to some problems and directions of current research. The electoral system and the allocation of powers to elected offices together define the game that politicians play. So democratic structures should be compared and...

The Poisson model of games with population uncertainty is extended, by allowing that expected population sizes and players' utility functions may depend on an unknown state of the world. Such extended Poisson games are applied to prove a generalization of the Condorcet jury theorem.