In a typical study of political economy, citizens are regarded as principals, and government as agent. This is a modern way of thinking in the sense that classical theorists of democracy such as Jean-Jacques Rousseau and James Madison were more interested in the dual nature of people; they are...

We consider a multi-winner nested elimination contest in which losers are sequentially eliminated to attain the set of winners. This is a variant of a widely used mechanism introduced by Clark and Riis (1996) that allows one to select the winners sequentially. We show that the nested elimination...

We analyze private and social incentives for standardization to ensure market-wide system compatibility in a two-dimensional spatial competition model. It is shown that there is a fundamental conflict of interest between consumers and producers over the standardization decision. Consumers prefer...