) the familiar random dictator and voting by veto mechanisms yields a large family of maximal guarantees: it is exhaustive …

veto players disallows paradigmatic structural change. To address this puzzle, this paper presents an augmented version of … the Veto Player Model. Introducing veto clusters to the model allows to map Germany's complex political economy structure … preferences. The paper shows that three veto cluster - corporatist interests, the federal governance structure and the lack of …

-independent preferences. Among all incentive- compatible direct mechanisms, veto mechanisms—in which the principal commits to mixing between … optimal veto mechanism, the principal uses veto (i.e., choosing the status quo option) only when the state is above some … threshold, and both the veto probability and the state-dependent option increase as the state becomes more extreme. Our model …