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The Power of the Last Word in Legislative Policy Making

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Author Info
B. Douglas Bernheim
Antonio Rangel
Luis Rayo

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Abstract

We examine legislative policy making in institutions with two empirically relevant features: agenda setting occurs in real time and the default policy evolves. We demonstrate that these institutions select Condorcet winners when they exist, provided a sufficient number of individuals have opportunities to make proposals. In policy spaces with either pork barrel or pure redistributional politics (where a Condorcet winner does not exist), the last proposer is effectively a dictator or near-dictator under relatively weak conditions. Copyright The Econometric Society 2006.

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File URL: http://hdl.handle.net/10.1111/j.1468-0262.2006.00701.x
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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 74 (2006)
Issue (Month): 5 (09)
Pages: 1161-1190
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Handle: RePEc:ecm:emetrp:v:74:y:2006:i:5:p:1161-1190

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  1. Tasos Kalandrakis, 2007. "Majority Rule Dynamics with Endogenous Status Quo," Wallis Working Papers WP46, University of Rochester - Wallis Institute of Political Economy. [Downloadable!]
  2. Matthias Dahm & Robert Dur & Amihai Glazer, 2009. "Lobbying of Firms by Voters," Working Papers 080926, University of California-Irvine, Department of Economics. [Downloadable!]
    Other versions:
  3. RIBONI, Alessandro & RUGE-MURCIA, Francisco, 2006. "The Dynamic (In)efficiency of Monetary Policy by Committee," Cahiers de recherche 2006-02, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
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  4. Giovanni Facchini & Cecilia Testa, 2009. "Reforming Legislatures: Is one House better than two?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  5. repec:bep:thetop:v:6:y:2006:i:1:p:1279-1279 is not listed on IDEAS
    Other versions:
  6. John Duggan & Tasos Kalandrakis, 2007. "Dynamic Legislative Policy Making," Wallis Working Papers WP45, University of Rochester - Wallis Institute of Political Economy. [Downloadable!]
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