We study an infinite-horizon multilateral bargaining game in which the status quo policy, players' recognition probabilities, and their voting weights are endogenously determined by the previous bargaining outcome. With perfectly farsighted players, we show that the equilibrium long-run outcome...

When does an incentive exist for an incumbent to experiment with a risky reform policy in the presence of future elections? To address this question, we study a dynamic game between two political parties with heterogeneous preferences and a voter. The voter elects a party that then chooses a...