When optimal policymaking is subject to dynamic inconsistencies (Kydland and Prescott, 1977), but shocks hit the economy after private agents form expectations, there is a trade-off between the need to commit to a policy, and the need to retain discretion so as to respond to shocks. Rogoff...

This paper develops the symmetric power order, a measure of voting power for multicandidate elections. The measure generalizes standard pivotality-based voting power measures for binary elections, such as Banzhaf power. At the same time, the measure is not based on pivotality, but rather on a...

This paper considers a model of (consensual) democracy where political parties engage first in electoral competition, and they share policy-making power afterward according with the votes gathered in the election. The paper uncovers the difficulties to guarantee stability in this institutional...

There are many situations in which different groups make collective decisions by committee voting, with each group represented by a single person. A natural question is what voting system such a committee should use. Concepts based on voting power provide guidelines for this choice. The two most...

In this research we study the process by which social media posts are created and shared during live political debates. Using data from over 9.5 million Tweets posted during and shortly after four key debates leading up to the 2016 Presidential election, we test a series of hypotheses about how...

We analyze how proxy advisors, which sell voting recommendations to shareholders, affect corporate decision-making. If the quality of the advisor's information is low, there is overreliance on its recommendations and insufficient private information production. In contrast, if the advisor's...

Approval voting allows voters to support as many candidates as they wish. One advantage of the method is that voters have weak or no incentives to vote insincerely. However, the exact meaning of this statement depends on how the voters' preferences over candidates are extended to sets. We show...

This paper introduces excluding outlier voters (EOV) as a general mechanism for revealing true preferences in social choices, and for discouraging voters from strategic voting and manipula-tion. This mechanism is general in that it can be implemented with any voting system. The paper...

Early results on the emptiness of the core and the majority-rule-chaos results led to the recognition of the importance of modeling institutional details in political processes. A sample of the literature on game-theoretic models of political phenomena that ensued is presented. In the case of...

It is generally accepted that an increase in the amount of voter information is desirable. As Reisman (1990) points out, a well-informed and committed electorate is better able to exercise rational choice and consequently is less likely to have its wishes being thwarted by elected...