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Whither Political Economy? Theories, Facts and Issues

  • Antonio Merlo

    ()

    (Department of Economics, University of Pennsylvania)

In this paper, I discuss recent developments in political economy. By focusing on the microeconomic side of the discipline, I present an overview of current research on four of the fundamental institutions of a political economy: voters, politicians, parties and governments. For each of these topics, I identify and discuss some of the salient questions that have been posed and addressed in the literature, present some stylized models and examples, and summarize the main theoretical findings. Furthermore, I describe the available data, review the relevant empirical evidence, and discuss some of the challenges for empirical research in political economy.

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File URL: http://economics.sas.upenn.edu/system/files/working-papers/05-033.pdf
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Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 05-033.

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Length: 81 pages
Date of creation: 01 Aug 2005
Date of revision: 01 Dec 2005
Handle: RePEc:pen:papers:05-033
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  1. Poutvaara, Panu & Takalo, Tuomas, 2004. "Candidate Quality," IZA Discussion Papers 1195, Institute for the Study of Labor (IZA).
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  3. Roger B. Myerson, 1998. "Comparison of Scoring Rules in Poisson Voting Games," Discussion Papers 1214, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Matsusaka, John G & Palda, Filip, 1999. " Voter Turnout: How Much Can We Explain?," Public Choice, Springer, vol. 98(3-4), pages 431-46, March.
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  6. Leonardo Felli & Antonio Merlo, 2003. "Endogenous lobbying," LSE Research Online Documents on Economics 3590, London School of Economics and Political Science, LSE Library.
  7. Jackson, Matthew O. & Moselle, Boaz, 1998. "Coalition and Party Formation in a Legislative Voting Game," Working Papers 1036, California Institute of Technology, Division of the Humanities and Social Sciences.
  8. Matsusaka, John G, 1995. " Explaining Voter Turnout Patterns: An Information Theory," Public Choice, Springer, vol. 84(1-2), pages 91-117, July.
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  19. Alesina, Alberto, 1988. "Credibility and Policy Convergence in a Two-Party System with Rational Voters," American Economic Review, American Economic Association, vol. 78(4), pages 796-805, September.
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  24. Alesina, Alberto & Rosenthal, Howard, 1996. "A Theory of Divided Government," Econometrica, Econometric Society, vol. 64(6), pages 1311-41, November.
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  26. Besley, Timothy & Coate, Stephen, 2001. "Lobbying and Welfare in a Representative Democracy," Review of Economic Studies, Wiley Blackwell, vol. 68(1), pages 67-82, January.
  27. Besley, Timothy & Coate, Stephen, 1997. "An Economic Model of Representative Democracy," The Quarterly Journal of Economics, MIT Press, vol. 112(1), pages 85-114, February.
  28. Mattozzi, Andrea & Merlo, Antonio, 2007. "Political Careers or Career Politicians?," CEPR Discussion Papers 6164, C.E.P.R. Discussion Papers.
  29. Timothy J. Feddersen & Wolfgang Pesendorfer, 1995. "The Swing Voter's Curse," Discussion Papers 1064, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  30. Stephen Coate & Michael Conlin & Andrea Moro, 2004. "The Performance of the Pivotal-Voter Model in Small-Scale Elections: Evidence from Texas Liquor Referenda," NBER Working Papers 10797, National Bureau of Economic Research, Inc.
  31. Cecilia Testa, 2004. "Party Polarization and Electoral Accountability," Econometric Society 2004 Latin American Meetings 130, Econometric Society.
  32. Daniel Diermeier & Hulya Eraslan & Antonio Merlo, 2003. "A Structural Model of Government Formation," Econometrica, Econometric Society, vol. 71(1), pages 27-70, January.
  33. Siddhartha Bandyopadhyay & Mandar Oak, 2006. "Coalition Governments in a Model of Parliamentary Democracy," Working Papers 2006.83, Fondazione Eni Enrico Mattei.
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  36. Alesina, Alberto & Spear, Stephen, 1988. "An Overlapping Generations Model of Electoral Competition," Scholarly Articles 4553015, Harvard University Department of Economics.
  37. Antonio Merlo & Charles Wilson, 1997. "Efficient delays in a stochastic model of bargaining," Economic Theory, Springer, vol. 11(1), pages 39-55.
  38. Harrington, Joseph Jr., 1992. "The role of party reputation in the formation of policy," Journal of Public Economics, Elsevier, vol. 49(1), pages 107-121, October.
  39. Wittman, Donald, 1977. "Candidates with policy preferences: A dynamic model," Journal of Economic Theory, Elsevier, vol. 14(1), pages 180-189, February.
  40. Eraslan, Hulya, 2002. "Uniqueness of Stationary Equilibrium Payoffs in the Baron-Ferejohn Model," Journal of Economic Theory, Elsevier, vol. 103(1), pages 11-30, March.
  41. Timothy J. Feddersen, 2004. "Rational Choice Theory and the Paradox of Not Voting," Journal of Economic Perspectives, American Economic Association, vol. 18(1), pages 99-112, Winter.
  42. Arianna Degan & Antonio Merlo, 2004. "Do Citizens Vote Sincerely (If They Vote at All)? Theory and Evidence from U. S. National Elections," PIER Working Paper Archive 04-014, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  43. Daniel Diermeier & Antoni Merlo, 1999. "An Empirical Investigation of Coalitional Bargaining Procedures," Discussion Papers 1267, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  44. Siddhartha Bandyopadhyay & Mandar Oak, 2004. "Party Formation and Coalitional Bargaining in a Model of Proportional Representation," Working Papers 2004.98, Fondazione Eni Enrico Mattei.
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  46. Timothy Besley, 2005. "Political Selection," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 43-60, Summer.
  47. Daniel Diermeier & Michael Keane & Antonio Merlo, 2002. "A Political Economy Model of Congressional Careers," PIER Working Paper Archive 04-037, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Sep 2004.
  48. Chari, V V & Jones, Larry E & Marimon, Ramon, 1997. "The Economics of Split-Ticket Voting in Representative Democracies," American Economic Review, American Economic Association, vol. 87(5), pages 957-76, December.
  49. Bernard Caillaud & Jean Tirole, 2002. "Parties As Political Intermediaries," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1453-1489, November.
  50. Diermeier, Daniel & Eraslan, H�lya & Merlo, Antonio, 2007. "Bicameralism and Government Formation," Quarterly Journal of Political Science, now publishers, vol. 2(3), pages 227-252, August.
  51. Daniel Diermeier & Hulya Eraslan & Antonio Merlo, 2003. "The Effects of Constitutions on Coalition Governments in Parliamentary Democracies," PIER Working Paper Archive 03-037, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  52. Besley, Timothy & Coate, Stephen, 1998. "Sources of Inefficiency in a Representative Democracy: A Dynamic Analysis," American Economic Review, American Economic Association, vol. 88(1), pages 139-56, March.
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  55. Gebhard Kirchgässner & Tobias Schulz, 2005. "Expected Closeness or Mobilisation: Why Do Voters Go to the Polls? Empirical Results for Switzerland, 1981 – 1999," CESifo Working Paper Series 1387, CESifo Group Munich.
  56. Timothy J. Fedderson & Wolfgang Pesendorfer, 1996. "Abstention in Elections with Asymmetric Information and Diverse Preferences," Discussion Papers 1195, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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  63. Merlo, Antonio, 1997. "Bargaining over Governments in a Stochastic Environment," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 101-31, February.
  64. Martin J. Osborne & Rabee Tourky, 2008. "Party Formation in Single-Issue Politics," Journal of the European Economic Association, MIT Press, vol. 6(5), pages 974-1005, 09.
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