Political Institutions and the Dynamics of Public Investment 1

@inproceedings{Battaglini2010PoliticalIA,
  title={Political Institutions and the Dynamics of Public Investment 1},
  author={Marco Battaglini and Salvatore Nunnari and Thomas R. Palfrey},
  year={2010}
}
We present a theoretical model of the provision of a durable public good over an in…nite horizion. In each period, there is a societal endowment of which each of n districts owns a share. This endowment can either be invested in the public good or consumed. We characterize the planner’s optimal solution and time path of investment and consumption. We then consider alternative political mechanisms for deciding on the time path, and analyze the Markov perfect equilibrium of these mechanisms. One… CONTINUE READING

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