We consider a test of expressive voting developed by Brennan and Lomasky (1993). They point out that in presidential elections the probability of a tie, and casting a decisive vote, increases “multi-billionfold” as the election becomes increasingly close. They conjecture that if voters are...

Cognitive dissonance is defined as the psychological discomfort or annoyance that may exist when an individual's choice is not consistent with his values and beliefs. Dissonance may cause an individual to reconsider his values and beliefs, enter new choices with different parameters, respond to...

Does the emergence of a stock market require a well-developed legal and/or regulatory system? Although historical work by Neal and Davis (2005) and Stringham (2003) suggests that securities markets have successfully developed with little government oversight, numerous authors (including Black, 2001;...

While entrepreneurs benefit from unrestricted free entry into markets, they have a time-inconsistent incentive to lobby for government entry restrictions once they become successful. Bad political institutions yield to these demands, and growing barriers are placed on domestic and international...

The automobile industry's high costs of entry, economies of scale, and network effects from distribution, fueling, and service lead many to conclude that new entrants have no chance. Tesla Motors has overcome many barriers to pioneer electric cars. Starting with partnerships and a minimum viable...

For more than one hundred years, noble concerns have persuaded well-meaning people to favor more government to promote the public interest, and others have exploited those concerns to grab political privileges at public expense. Contrary to conventional thought, however, the history of...

Does the emergence of a stock market require a well-developed legal and/or regulatory system? Although historical work by Neal and Davis [Neal, L., & Davis, L. (2005). The evolution of the rules and regulations of the first emerging markets: The London, New York, and Paris stock exchanges,...