We show how nonsymmetric politicization can rise in a democracy where voters are distributed across several ex-ante symmetric sectors. The voters are uncertain about the administrative ability of an elected official. they observe the quality of her performance, which depends on her ability and...

An absorbing game is a repeated game where some of the action combinations are absorbing, in the sense that whenever they are played, there is a positive probability that the game terminates, and the players receive some terminal payoff at every future stage. We prove that every n-player...

This paper develops a framework in which a model with a continuum of agents and with individual and aggregate risks can be viewed as an idealization of large finite economies. The paper identifies conditions under which a sequence of finite economies gives rise to a limiting continuum economy in...