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Markovian Elections

  • Jean Guillaume Forand

    (Department of Economics, University of Waterloo)

  • John Duggan

    (Department of Economics, University of Rochester)

We establish existence and continuity properties of equilibria in a model of dynamic elections with a discrete (countable) state space and general policies and preferences. We provide conditions under which there is a representative voter in each state, and we give characterization results in terms of the equilibria of an associated “representative voting game.” When the conditions for these results are not met, we provide examples that uncover new classes of dynamic political failures.

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Paper provided by University of Waterloo, Department of Economics in its series Working Papers with number 1305.

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Length: 67 pages
Date of creation: Oct 2013
Date of revision: Oct 2013
Handle: RePEc:wat:wpaper:1305
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  1. Jeffrey Banks & John Duggan, 2006. "A Social Choice Lemma on Voting Over Lotteries with Applications to a Class of Dynamic Games," Social Choice and Welfare, Springer, vol. 26(2), pages 285-304, April.
  2. Eric Maskin, 2003. "The Politician and the Judge: Accountability in Government," Theory workshop papers 505798000000000076, UCLA Department of Economics.
  3. John Duggan, 2013. "A Folk Theorem for Repeated Elections with Adverse Selection," Wallis Working Papers WP64, University of Rochester - Wallis Institute of Political Economy.
  4. Alberto Alesina & Dani Rodrik, 1991. "Distributive Politics and Economic Growth," NBER Working Papers 3668, National Bureau of Economic Research, Inc.
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  6. Marco Battaglini & Stephen Coate, 2008. "A Dynamic Theory of Public Spending, Taxation, and Debt," American Economic Review, American Economic Association, vol. 98(1), pages 201-36, March.
  7. Banks, Jeffrey S. & Duggan, John & Le Breton, Michel, 2006. "Social choice and electoral competition in the general spatial model," Journal of Economic Theory, Elsevier, vol. 126(1), pages 194-234, January.
  8. John Duggan, 2012. "Noisy Stochastic Games," RCER Working Papers 570, University of Rochester - Center for Economic Research (RCER).
  9. Adam Meirowitz, 2007. "Probabilistic Voting and Accountability in Elections with Uncertain Policy Constraints," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 9(1), pages 41-68, 02.
  10. Roger Lagunoff & Jinhui Bai, 2008. "On the ``Faustian Dynamics" of Policy and Political Power," 2008 Meeting Papers 456, Society for Economic Dynamics.
  11. Marco Bassetto & Jess Benhabib, 2006. "Redistribution, taxes, and the median voter," Working Paper Series WP-06-02, Federal Reserve Bank of Chicago.
  12. Paul Klein & Per Krusell & José-V�ctor R�os-Rull, 2008. "Time-Consistent Public Policy," Review of Economic Studies, Oxford University Press, vol. 75(3), pages 789-808.
  13. Jean Guillaume Forand, 2010. "Two-Party Competition with Persistent Policies," Working Papers 1011, University of Waterloo, Department of Economics, revised Nov 2010.
  14. Krusell, Per & Quadrini, Vincenzo & Rios-Rull, Jose-Victor, 1997. "Politico-economic equilibrium and economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 243-272, January.
  15. John Duggan & Jeffrey S. Banks, 2008. "A Dynamic Model of Democratic Elections in Multidimensional Policy Spaces," Wallis Working Papers WP53, University of Rochester - Wallis Institute of Political Economy.
  16. Konstantin Sonin & Georgy Egorov & Daron Acemoglu, 2008. "Dynamics and Stability of Constitutions, Coalitions and Clubs," 2008 Meeting Papers 314, Society for Economic Dynamics.
  17. John Duggan, 2000. "Repeated Elections with Asymmetric Information," Economics and Politics, Wiley Blackwell, vol. 12(2), pages 109-135, 07.
  18. Enriqueta Aragonès & Thomas Palfrey & Andrew Postlewaite, 2007. "Political Reputations and Campaign Promises," Journal of the European Economic Association, MIT Press, vol. 5(4), pages 846-884, 06.
  19. Giuseppe Bertola, 1991. "Factor Shares and Savings in Endogenous Growth," NBER Working Papers 3851, National Bureau of Economic Research, Inc.
  20. Bernhardt, Dan & Dubey, Sangita & Hughson, Eric, 2004. "Term limits and pork barrel politics," Journal of Public Economics, Elsevier, vol. 88(12), pages 2383-2422, December.
  21. Kenneth Rogoff & Anne Sibert, 1986. "Elections and Macroeconomic Policy Cycles," NBER Working Papers 1838, National Bureau of Economic Research, Inc.
  22. John Duggan & Tasos Kalandrakis, 2007. "Dynamic Legislative Policy Making," Wallis Working Papers WP45, University of Rochester - Wallis Institute of Political Economy.
  23. John Duggan, 2012. "Noisy Stochastic Games," Econometrica, Econometric Society, vol. 80(5), pages 2017-2045, 09.
  24. Per Krusell & Jose-Victor Rios-Rull, 1997. "On the size of U.S. government: political economy in the neoclassical growth model," Staff Report 234, Federal Reserve Bank of Minneapolis.
  25. Yehuda (John) Levy, 2012. "A Discounted Stochastic Game with No Stationary Nash Equilibrium," Discussion Paper Series dp596r, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem, revised May 2012.
  26. Pierre Yared, 2010. "Politicians, Taxes and Debt," Review of Economic Studies, Oxford University Press, vol. 77(2), pages 806-840.
  27. Dan Bernhardt & Odilon C�mara & Francesco Squintani, 2011. "Competence and Ideology," Review of Economic Studies, Oxford University Press, vol. 78(2), pages 487-522.
  28. Banks, Jeffrey S. & Sundaram, Rangarajan K., 1998. "Optimal Retention in Agency Problems," Journal of Economic Theory, Elsevier, vol. 82(2), pages 293-323, October.
  29. Bernhardt, Dan & Campuzano, Larissa & Squintani, Francesco & Câmara, Odilon, 2009. "On the benefits of party competition," Games and Economic Behavior, Elsevier, vol. 66(2), pages 685-707, July.
  30. Battaglini, Marco, 2014. "A dynamic theory of electoral competition," Theoretical Economics, Econometric Society, vol. 9(2), May.
  31. Yehuda (John) Levy, 2012. "A Discounted Stochastic Game with No Stationary Equilibria: The Case of Absolutely Continuous Transitions," Discussion Paper Series dp612, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
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