This paper analyzes the economic role and performance of a type of financial insti- tution which is observed world-wide - rotating savings and credit associations (Roscas). Using a model in which individuals save for an indivisible durable consumption good, we study Roscas which distribute funds...

This paper studies the impact of lobbying on political competition and policy outcomes in a framework that integrates the citizen-candidate model of representative democracy with the menu-auction model of lobbying. Positive and normative issues are analysed. On the positive side, lobbying need...