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Political Economy in a Changing World

Author(s)
Egorov, Georgy; Sonin, Konstantin; Acemoglu, K. Daron
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Abstract
We provide a general framework for the analysis of institutional dynamics in an environment in which payoffs and political powers change stochastically. Assuming that economic and political institutions as well as individual types can be ordered, and preferences and the distribution of political power satisfy natural “single-crossing” (increasing differences) conditions, we prove existence of a pure-strategy Markov voting equilibrium, provide conditions for its uniqueness, and present a number of comparative static results. We then use this framework to study the dynamics of political rights and repression in the presence of threats from extremist groups and the dynamics of collective experimentation.
Date issued
2015-09
URI
http://hdl.handle.net/1721.1/113624
Department
Massachusetts Institute of Technology. Department of Economics
Journal
Journal of Political Economy
Publisher
University of Chicago Press
Citation
Acemoglu, Daron, Georgy Egorov, and Konstantin Sonin. “Political Economy in a Changing World.” Journal of Political Economy 123, no. 5 (October 2015): 1038–1086. © 2015 The University of Chicago
Version: Final published version
ISSN
0022-3808
1537-534X

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