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Whither Political Economy? Theories, Facts and Issues

Listed author(s):
  • 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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Web page: http://economics.sas.upenn.edu/pier
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  1. Helios Herrera & César Martinelli, 2006. "Group Formation and Voter Participation," Levine's Bibliography 666156000000000463, UCLA Department of Economics.
  2. Merlo, Antonio, 1997. "Bargaining over Governments in a Stochastic Environment," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 101-131, February.
  3. Diermeier, Daniel & Merlo, Antonio, 2000. "Government Turnover in Parliamentary Democracies," Journal of Economic Theory, Elsevier, vol. 94(1), pages 46-79, September.
  4. 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.
  5. Antonio Merlo & Daniel Diermeier & Hülya Eraslan, 2004. "Bicameralism and Government Formation," Working Papers 2004.81, Fondazione Eni Enrico Mattei.
  6. Timothy Besley, 2005. "Political Selection," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 43-60, Summer.
  7. Daniel Diermeier & Hulya Eraslan & Antonio Merlo, 2003. "A Structural Model of Government Formation," Econometrica, Econometric Society, vol. 71(1), pages 27-70, January.
  8. Antonio Merlo & Andrea Mattozzi, 2005. "Political Careers or Career Politicians?," 2005 Meeting Papers 740, Society for Economic Dynamics.
  9. Merlo, Antonio & Wilson, Charles A, 1995. "A Stochastic Model of Sequential Bargaining with Complete Information," Econometrica, Econometric Society, vol. 63(2), pages 371-399, March.
  10. Roger B. Myerson & Robert J. Weber, 1988. "A Theory of Voting Equilibria," Discussion Papers 782, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  11. Timothy Feddersen & Wolfgang Pesendorfer, 1994. "Voting Behavior and Information Aggregation in Elections with Private Information," Discussion Papers 1117, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  12. Poutvaara, Panu & Takalo, Tuomas, 2007. "Candidate quality," Munich Reprints in Economics 19785, University of Munich, Department of Economics.
  13. 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.
  14. Morelli, Massimo, 1998. "Party Formation and Policy Outcomes Under Different Electoral Systems," Staff General Research Papers Archive 1242, Iowa State University, Department of Economics.
  15. Leonardo Felli & Antonio Merlo, 2001. "Endogenous Lobbying," PIER Working Paper Archive 04-043, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Oct 2004.
  16. Alesina, Alberto & Spear, Stephen E., 1988. "An overlapping generations model of electoral competition," Journal of Public Economics, Elsevier, vol. 37(3), pages 359-379, December.
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  20. Matsusaka, John G & Palda, Filip, 1999. "Voter Turnout: How Much Can We Explain?," Public Choice, Springer, vol. 98(3-4), pages 431-446, March.
  21. Alesina, Alberto & Rosenthal, Howard, 1996. "A Theory of Divided Government," Econometrica, Econometric Society, vol. 64(6), pages 1311-1341, November.
  22. 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.
  23. 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.
  24. 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.
  25. Barry Nalebuff & Ron Shachar, 1999. "Follow the Leader: Theory and Evidence on Political Participation," American Economic Review, American Economic Association, vol. 89(3), pages 525-547, June.
  26. Francesco Caselli & Massimo Morelli, 2001. "Bad Politicians," NBER Working Papers 8532, National Bureau of Economic Research, Inc.
  27. 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.
  28. John Ferejohn, 1986. "Incumbent performance and electoral control," Public Choice, Springer, vol. 50(1), pages 5-25, January.
  29. Timothy Besley & Stephen Coate, 2001. "Lobbying and Welfare in a Representative Democracy," Review of Economic Studies, Oxford University Press, vol. 68(1), pages 67-82.
  30. 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.
  31. Cecilia Testa, 2004. "Party Polarization and Electoral Accountability," Econometric Society 2004 Latin American Meetings 130, Econometric Society.
  32. Thomas Palfrey & Howard Rosenthal, 1983. "A strategic calculus of voting," Public Choice, Springer, vol. 41(1), pages 7-53, January.
  33. John Ledyard, 1984. "The pure theory of large two-candidate elections," Public Choice, Springer, vol. 44(1), pages 7-41, January.
  34. Martin J. Osborne & Al Slivinksi, 1995. "A Model of Political Competition with Citizen-Candidates," Department of Economics Working Papers 1995-01, McMaster University.
  35. Gilat Levy, 2004. "A model of political parties," LSE Research Online Documents on Economics 540, London School of Economics and Political Science, LSE Library.
  36. Roger B. Myerson, 2000. "Comparison of Scoring Rules in Poisson Voting Games," Econometric Society World Congress 2000 Contributed Papers 0686, Econometric Society.
  37. David P. Baron & Daniel Diermeier, 2001. "Elections, Governments, and Parliaments in Proportional Representation Systems," The Quarterly Journal of Economics, Oxford University Press, vol. 116(3), pages 933-967.
  38. DHILLON, Amrita & PERALTA, Susana, "undated". "Economic theories of voter turnout," CORE Discussion Papers RP 1563, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  40. Bandyopadhyay, Siddhartha & Oak, Mandar P., 2008. "Coalition governments in a model of parliamentary democracy," European Journal of Political Economy, Elsevier, vol. 24(3), pages 554-561, September.
  41. Torsten Persson & Gérard Roland & Guido Tabellini, 1997. "Separation of Powers and Political Accountability," The Quarterly Journal of Economics, Oxford University Press, vol. 112(4), pages 1163-1202.
  42. Carrillo, Juan D. & Mariotti, Thomas, 2001. "Electoral competition and politician turnover," European Economic Review, Elsevier, vol. 45(1), pages 1-25, January.
  43. Matthias Messner & Mattias Polborn, 2003. "Paying Politicians," Working Papers 246, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  44. 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.
  45. 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.
  46. Mutsusaka, J.G. & Palda, F., 1991. "The Downsian Voter Meets the Ecological Fallacy," Papers 91-30, Southern California - School of Business Administration.
  47. Banks, Jeffrey S. & Sundaram, Rangarajan K., 1998. "Optimal Retention in Agency Problems," Journal of Economic Theory, Elsevier, vol. 82(2), pages 293-323, October.
  48. Eraslan, H. & Merlo, A., 2000. "Majority Rule in a Stochastic Model of Bargaining," Working Papers 00-05, C.V. Starr Center for Applied Economics, New York University.
  49. 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 139-156, March.
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  54. Sundadam, R.K. & Banks, J., 1991. "Adverse Selection and Moral hazard in a Repeated Elections Models," RCER Working Papers 283, University of Rochester - Center for Economic Research (RCER).
  55. Antonio Merlo & Charles Wilson, 1997. "Efficient delays in a stochastic model of bargaining," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(1), pages 39-55.
  56. Matsusaka, John G, 1995. "Explaining Voter Turnout Patterns: An Information Theory," Public Choice, Springer, vol. 84(1-2), pages 91-117, July.
  57. Myerson, Roger B., 1999. "Theoretical comparisons of electoral systems," European Economic Review, Elsevier, vol. 43(4-6), pages 671-697, April.
  58. 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.
  59. Wittman, Donald, 1977. "Candidates with policy preferences: A dynamic model," Journal of Economic Theory, Elsevier, vol. 14(1), pages 180-189, February.
  60. Mandar Oak & Siddhartha Bandyopadhyay, 2004. "Party Formation And Coalitional Bargaining In A Model Of Proportional Representation," Royal Economic Society Annual Conference 2004 37, Royal Economic Society.
  61. 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.
  62. 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.
  63. Bernard Caillaud & Jean Tirole, 2002. "Parties as Political Intermediaries," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1453-1489.
  64. 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.
  65. Arianna Degan, 2006. "Policy Positions, Information Acquisition and Turnout," Scandinavian Journal of Economics, Wiley Blackwell, vol. 108(4), pages 669-682, December.
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