The author presents a simple geometric method to graphically illustrate the expected utility from a gamble with more than two possible outcomes. This geometric result gives economics students a simple visual aid for studying expected utility theory and enables them to analyze a richer set of...

The theory of political business cycles predicts economies will experience a short-run expansion during an election period. Cross-sectional evidence from 1870, 1880, 1890, 1900, and 1910, does not reveal statistically significant differences in gainful employment rates between states with and...

This paper explores the relationship between special-interest groups and volatility of GDP growth. In an unbalanced panel of 108 countries, we find a significant negative relationship between the number of interest groups in a country and the volatility of GDP growth.