In Citizens United v. FEC (2010), the U.S. Supreme Court ruled that restrictions on independent political expenditures by corporations and labor unions are unconstitutional. We analyze the effects of Citizens United on state election outcomes. We find that Citizens United is associated with an...

This paper examines voting equilibria in a citizen-candidate model of indirect democracy. Voters are partitioned into constituencies and elect representatives into a legislative assembly to bargain over policy. In the bargaining phase, representatives both make policy proposals and vote on each...

This paper theoretically explores the voluntary provision of a public good in a finitely repeated setting. Agents' utility is the sum of their monetary earnings and a non-material psychological component that can be interpreted as a taste for efficiency and/or fairness. An arbitrarily small...

The decision maker receives signals imperfectly correlated with an unobservable state variable and must take actions whose payoffs depend on the state. The state randomly changes over time. In this environment, we examine the performance of simple linear updating rules relative to Bayesian...

Candidates for U.S. presidential elections are determined through sequential elections in single states, the primaries. We develop a model in which candidates can influence their winning probability in electoral districts by spending money on campaigning. The equilibrium replicates several...

This paper studies the role of public communication devices for information aggregation in financial markets. The paper investigates the incentives for informed traders to reveal their information truthfully to the public. In the model, a subset of traders receives noisy signals about the value...