Citation:
Econometrica, 74(5), 2006, 1161-9
We examine legislative policy making in institutions with two empirically relevant features: agenda setting occurs in real time and the default policy evolves. We demonstrate that these institutions select Condorcet winners when they exist, provided a sufficient number of individuals have opportunities to make proposals. In policy spaces with either pork barrel or pure redistributional politics (where a Condorcet winner does not exist), the last proposer is effectively a dictator or near-dictator under relatively weak conditions.
Research Fields :
Game Theory (Applied)
Highlights
Microeconomic Theory
Political Economy