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Legislative bargaining and the dynamics of public investment
[Arbeitspapier]
Körperschaftlicher Herausgeber
Wissenschaftszentrum Berlin für Sozialforschung gGmbH
Abstract
We present a legislative bargaining model of the provision of a durable public good over an infinite horizion. In each period, there is a societal endowment which can either be invested in the public good or consumed. We characterize the optimal public policy, defined by the time path of investment ... mehr
We present a legislative bargaining model of the provision of a durable public good over an infinite horizion. In each period, there is a societal endowment which can either be invested in the public good or consumed. We characterize the optimal public policy, defined by the time path of investment and consumption. In each period, a legislature with presentatives of each of n districts bargain over the current period's endowment for investment in the public good and transfers to each district. We analyze the Markov perfect equilibrium under different voting q-rules where q is the number of yes votes required for passage. We show that the efficiency of the public policy is increasing in q because higher q leads to higher investment in the public good and less pork. We examine the theoretical equilibrium predictions by conducting a laboratory experiment with fiveperson committees that compares three alternative voting rules: unanimity (q=5); majority (q=3); and dictatorship (q=1). (author's abstract)... weniger
Thesaurusschlagwörter
Investition; Konsum; öffentliche Ordnung; Experiment; öffentliches Gut; Handel; politische Ökonomie; Legislative; Verhandlung; öffentliche Investition
Klassifikation
Volkswirtschaftstheorie
Sprache Dokument
Englisch
Publikationsjahr
2011
Erscheinungsort
Berlin
Seitenangabe
49 S.
Schriftenreihe
Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und Entscheidung, Abteilung Verhalten auf Märkten, SP II 2011-205
Handle
https://hdl.handle.net/10419/54759
Status
Veröffentlichungsversion; begutachtet
Lizenz
Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung