Why would sovereigns ever grant political or economic liberty to their subjects? Under what conditions would rational rulers who possess ultimate authority and who seek to maximize power and wealth ever give up any of that authority? This book draws on a wide array of empirical and theoretical...

Abstract Voters are thought to rely on elite endorsements in helping them make decisions. Their ability to use these endorsements is especially important in direct democracy, since ballot measures are complex policy proposals that lack partisan cues printed on the ballot. Using an exit survey,...

Risk, whether market or political, is an important determinant of private investment decisions. One important risk, subject to control by the government, is the risk associated with the hold-up problem: governments can force utilities to shoulder burdensome taxes, to use input factors...