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Democratic Errors

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  • Christopher J. Ellis
  • John Fender
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    Abstract

    We combine Acemoglu and Robinson’s model of the economic origins of democracy with Lohmann’s model of political mass protest. This allows us to analyze the economic causes of political regime change based on the microfoundations of revolution. We are able to derive conditions under which democracy arises peacefully, when it occurs only after a revolution, and when oligarchy persists. We model these possibilities in a world of asymmetric information where information cascades are possible, and where these cascades may involve errors in the sense that they make everyone worse off.

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    File URL: ftp://ftp.bham.ac.uk/pub/RePEc/pdf/10-03.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 10-03.

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    Length: 35 pages
    Date of creation: Jan 2010
    Date of revision:
    Handle: RePEc:bir:birmec:10-03

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    Postal: Edgbaston, Birmingham, B15 2TT
    Web page: http://www.economics.bham.ac.uk
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    Keywords: Democracy; Information Cascades; Revolution;

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    1. William Jack & Roger Lagunoff, 2003. "Dynamic Enfranchisement," Levine's Bibliography 666156000000000030, UCLA Department of Economics.
    2. Jody Overland, Kenneth Simons and Michael Spagat, 2003. "Political Instability and Growth in Dictatorships," Royal Holloway, University of London: Discussion Papers in Economics 03/11, Department of Economics, Royal Holloway University of London, revised Dec 2003.
    3. Stanley Fischer & Ratna Sahay & Carlos A. V�gh, 2002. "Modern Hyper- and High Inflations," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 837-880, September.
    4. Daron Acemoglu & James A. Robinson, 2000. "Why Did The West Extend The Franchise? Democracy, Inequality, And Growth In Historical Perspective," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1167-1199, November.
    5. Bose, Subir & Orosel, Gerhard O & Ottaviani, Marco & Vesterlund, Lise, 2005. "Dynamic Monopoly Pricing and Herding," CEPR Discussion Papers 5003, C.E.P.R. Discussion Papers.
    6. repec:rje:randje:v:37:y:2006:i:4:p:910-928 is not listed on IDEAS
    7. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive 1193, David K. Levine.
    8. Morris, Stephen & Shin, Hyun Song, 1998. "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks," American Economic Review, American Economic Association, vol. 88(3), pages 587-97, June.
    9. Alessandro Lizzeri & Nicola Persico, 2004. "Why Did the Elites Extend the Suffrage? Democracy and the Scope of Government, With an Application to Britain's "Age of Reform"," The Quarterly Journal of Economics, MIT Press, vol. 119(2), pages 705-763, May.
    10. Subir Bose & Gerhard Orosel & Marco Ottaviani & Lise Vesterlund, 2006. "Dynamic monopoly pricing and herding," RAND Journal of Economics, RAND Corporation, vol. 37(4), pages 910-928, December.
    11. Chamley, Christophe & Gale, Douglas, 1994. "Information Revelation and Strategic Delay in a Model of Investment," Econometrica, Econometric Society, vol. 62(5), pages 1065-85, September.
    12. Mau, Vladimir & Starodubrovskaia, Irina, 2001. "The Challenge of Revolution: Contemporary Russia in Historical Perspective," OUP Catalogue, Oxford University Press, number 9780199241507, October.
    13. Sargent, Thomas J & Velde, Francois R, 1995. "Macroeconomic Features of the French Revolution," Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 474-518, June.
    14. John P. Conley & Akram Temimi, 2001. "Endogenous Enfranchisement When Groups' Preferences Conflict," Journal of Political Economy, University of Chicago Press, vol. 109(1), pages 79-102, February.
    15. Humberto Llavador & Robert J. Oxoby, 2005. "Partisan Competition, Growth, and the Franchise," The Quarterly Journal of Economics, MIT Press, vol. 120(3), pages 1155-1192, August.
    16. Lohmann, Susanne, 1994. "Information Aggregation through Costly Political Action," American Economic Review, American Economic Association, vol. 84(3), pages 518-30, June.
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