Moral Cost, Commitment, and Committee Size
Consider a committee that in the past has made a promise not to confiscate the profits from an investor. After the investment has taken place, there is a material benefit if the committee decides to default on the earlier promise. But in some situations there are also some small moral costs for those who vote in favor of default. For the symmetric equilibrium, for given benefits of default, time-consistent default can be ruled out for sufficiently large committees.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 161 (2005)
Issue (Month): 4 (December)
|Contact details of provider:|| Web page: https://www.mohr.de/jite|
|Order Information:|| Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Palfrey, Thomas R. & Rosenthal, Howard, 1984.
"Participation and the provision of discrete public goods: a strategic analysis,"
Journal of Public Economics,
Elsevier, vol. 24(2), pages 171-193, July.
- Palfrey, Thomas & Rosenthal, Howard., 1983. "Participation and the Provision of Discrete Public Goods: A Strategic Analysi," Working Papers 465, California Institute of Technology, Division of the Humanities and Social Sciences.
- Persson, Torsten & Tabellini, Guido, 1994. "Representative democracy and capital taxation," Journal of Public Economics, Elsevier, vol. 55(1), pages 53-70, September.
- Ronald Wintrobe, 2001.
"How to understand, and deal with dictatorship: an economist's view,"
Economics of Governance,
Springer, vol. 2(1), pages 35-58, 03.
- Ronald Wintrobe, 2001. "How to understand, and deal with dictatorship: an economist's view," Economics of Governance, Springer, vol. 3(1), pages 35-58, 03.
- Matthias Messner & Mattias K. Polborn, 2004. "Voting on Majority Rules," Review of Economic Studies, Oxford University Press, vol. 71(1), pages 115-132.
- Tim Besley & Stephen Coate, "undated".
"An Economic Model of Representative Democracy,"
Penn CARESS Working Papers
ecf70d639d700dba5327ab0c8, Penn Economics Department.
- Rachel Croson & Melanie Marks, 2000. "Step Returns in Threshold Public Goods: A Meta- and Experimental Analysis," Experimental Economics, Springer;Economic Science Association, vol. 2(3), pages 239-259, March.
- Jaewoo Lee & Michelle R. Garfinkel, 2000. "Political Influence and the Dynamic Consistency of Policy," American Economic Review, American Economic Association, vol. 90(3), pages 649-666, June.
- Howitt, Peter & Wintrobe, Ronald, 1995. "The political economy of inaction," Journal of Public Economics, Elsevier, vol. 56(3), pages 329-353, March.
- Gaubatz, Kurt Taylor, 1996. "Democratic states and commitment in international relations," International Organization, Cambridge University Press, vol. 50(01), pages 109-139, December.
- Gradstein, Mark, 1999. "Optimal taxation and fiscal constitution," Journal of Public Economics, Elsevier, vol. 72(3), pages 471-485, June.
- W. Güth & S. Nitzan, 1997. "The Evolutionary Stability of Moral Objections to Free Riding," Economics and Politics, Wiley Blackwell, vol. 9(2), pages 133-149, 07.
- Offerman, Theo & Sonnemans, Joep & Schram, Arthur, 1996. "Value Orientations, Expectations and Voluntary Contributions in Public Goods," Economic Journal, Royal Economic Society, vol. 106(437), pages 817-845, July.
- Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-1155, December.
When requesting a correction, please mention this item's handle: RePEc:mhr:jinste:urn:sici:0932-4569(200512)161:4_575:mccacs_2.0.tx_2-2. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Wolpert)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.