The author argues that the theory of moves, which has gained popularity in recent years as an alternative to game-theoretic analysis of strategic interaction, is fundamentally flawed. The theory's adherents argue that it makes theoretical progress by endogenizing the structure of games and...

Representative governments under-invest in public goods that provide insurance against risk, The combination of inequality and risk aversion guarantees that the payoffs to insurance are skewed, so the median voter prefers a sub-optimally low level of investment. The problem is exacerbated by...