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Democratic Errors

  • Christopher J. Ellis
  • John Fender
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    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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    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
    Contact details of provider: Postal: Edgbaston, Birmingham, B15 2TT
    Web page: http://www.economics.bham.ac.uk

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    1. William Jack & Roger Lagunoff, 2003. "Dynamic Enfrachisement," Working Papers gueconwpa~03-03-03, Georgetown University, Department of Economics.
    2. repec:rje:randje:v:37:y:2006:i:4:p:910-928 is not listed on IDEAS
    3. Jody Overland & Kenneth L. Simons & Michael Spagat, 2000. "Political Instability and Growth in Dictatorships," William Davidson Institute Working Papers Series 354, William Davidson Institute at the University of Michigan.
    4. Stanley Fischer & Ratna Sahay & Carlos A. Vegh, 2002. "Modern Hyper- and High Inflations," NBER Working Papers 8930, National Bureau of Economic Research, Inc.
    5. 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.
    6. Mau, Vladimir & Starodubrovskaia, Irina, 2001. "The Challenge of Revolution: Contemporary Russia in Historical Perspective," OUP Catalogue, Oxford University Press, number 9780199241507, March.
    7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. Gale, D. & Chamley, C., 1992. "Information Revelation and Strategic Delay in a Model of Investment," Papers 10, Boston University - Department of Economics.
    12. repec:cup:cbooks:9780521855266 is not listed on IDEAS
    13. 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.
    14. Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
    15. 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.
    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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