The Pew Center estimates that as of July 2008, state and local governments in the United States had promised current and future retirees $3.34 trillion in benefits but had only $2.35 trillion of projected assets to pay for them. The investment losses that public employee pension funds...

When Congress delegates a policy mandate to a regulatory agency, Congress acts as a principal, choosing the institutional arrangements, or the ‘rules of the game’ for agency decision making. Individuals in the agency, acting as agents, take the rules of the game as given and do the best they...

A version of the median-voter theorem holds for two-dimensional spatial models in which voters regard the two dimensions as economic goods or goodlike activities and in which the set of feasible outcomes is constrained by budget or technology. Although mathematically trivial, this fact has...