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Politically credible social insurance

  • Sleet, Christopher
  • Yeltekin, Sevin
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    This paper considers the political credibility of allocations in settings with dynamic private information. It embeds a benchmark dynamic moral environment into political economy games which feature repeated voting over mechanisms. Optimal politically credible allocations are shown to solve virtual planning problems with social discount factors in excess of the private one.

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    File URL: http://www.sciencedirect.com/science/article/B6VBW-4R0CKM2-1/1/2aa12885c0a55feb2568a725516e07f1
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    Article provided by Elsevier in its journal Journal of Monetary Economics.

    Volume (Year): 55 (2008)
    Issue (Month): 1 (January)
    Pages: 129-151

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    Handle: RePEc:eee:moneco:v:55:y:2008:i:1:p:129-151
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505566

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    1. Albert Marcet & Ramon Marimon, 1994. "Recursive contracts," Economics Working Papers 337, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 1998.
    2. Rustichini, A., 1998. "Lagrange multipliers in incentive-constrained problems," Journal of Mathematical Economics, Elsevier, vol. 29(4), pages 365-380, May.
    3. Torsten Persson & Guido Tabellini, . "Political Economics and Macroeconomic Policy," Working Papers 121, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    4. Persson, Torsten & Tabellini, Guido, 2002. "Political economics and public finance," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 24, pages 1549-1659 Elsevier.
    5. John Duggan & Mark Fey, 2006. "Repeated Downsian electoral competition," International Journal of Game Theory, Springer, vol. 35(1), pages 39-69, December.
    6. Hassler, John & Krusell, Per & Storesletten, Kjetil & Zilibotti, Fabrizio, 2005. "The dynamics of government," Journal of Monetary Economics, Elsevier, vol. 52(7), pages 1331-1358, October.
    7. Sun, Yeneng, 2006. "The exact law of large numbers via Fubini extension and characterization of insurable risks," Journal of Economic Theory, Elsevier, vol. 126(1), pages 31-69, January.
    8. Christopher Sleet & Sevin Yeltekin, 2006. "Credibility and endogenous societal discounting," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(3), pages 410-437, July.
    9. Marina Azzimonti Renzo, 2004. "On the dynamic inefficiency of governments," 2004 Meeting Papers 228, Society for Economic Dynamics.
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