We show using a theoretical framework that embeds a voting model in a general-equilibrium model of a rural economy with two interest groups defined by land ownership that the effects of democratization--a shift from control of public resources by the landed elite to a democratic regime with...

Prediction Markets (PMs) are markets in which agents trade event contingent assets. Enterprises use PMs to forecast revenues and project deadlines. This paper presents an Agent-based model, called Logarithmic Market Scoring Rule-Automated Market Maker (LMSR-ASM), to evaluate Prediction Markets....

Since their inception in 2013, inter partes review proceedings have steadily gained in popularity, killing patents at an astounding rate. It is no wonder that defendants flee to the PTAB when staring down costly patent infringement suits in district court. But IPR institution is not a right; it...

This paper presents a theoretical and empirical investigation of tax competition when voters use the tax policy of neighboring jurisdictions as information to evaluate the performance of their incumbent politicians. We show that this has implications both for voter tolerance of high taxes and...

To what extent do pivotal nonpartisan voters believe and act upon potentially deceptive messages from partisan voters who privately observe candidates’ ex-ante fitness-for-office attributes? How do nonpartisan voters’ responses to messages vary with changing odds of candidates’ ex-ante...

I establish conditions for existence of pure strategy equilibria in K-candidate Downsian electoral competition (K ≥ 2) with valence when the voting rule is monotonic, generalizing results by Ansolabehere and Snyder (2000) and Martin et al. (2021). The conditions are sufficient when K ≥ 2 and...

This paper extends the median voter result of Meltzer and Richard (1981) to the case where a labor economy has any constant returns to scale production function under quasilinear preferences with constant wage elasticity. Average productivities of the different labor inputs depend on their...

Despite the likelihood of an individual vote changing the final outcome is close to zero and voting is not costless, we see significant voter turnout in elections. Voters are often guided by reasons other than changing the outcome, collectively called the ‘expressive motives’. This paper...