Incentives and Political Economy
By (author) Jean-Jacques Laffont
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Incentives and Political Economy by Jean-Jacques Laffont
Book DescriptionMainstream economics has recognized only recently the necessity to incorporate political constraints into economic analysis intended for policy advisors. Incentives and Political Economy uses recent advances in contract theory to build a normative approach to constitutional design in economic environments. The first part of the book remains in the tradition of benevolent constitutional design with complete contracting. It treats politicians as informed supervisors and studies how the Constitution should control them, in particular to avoid capture by interest groups. Incentive theories for the separation of powers or systems of checks and balances are developed. The second part of the book recognises the incompleteness of the constitutional contract which leaves discretion to the politicans selected by the electoral process. Asymmetric information associates information rents with economic policies and the political game becomes a game of costly redistribution of those rents. Professor Laffont investigates the trade-offs between an inflexible constitution which leaves little discretion to politicians but sacrifices ex post efficiency and a constitution weighted towards ex post efficiency but also giving considerable discretion to politicians to pursue private agendas. The final part of the book reconsiders the modeling of collusion given asymmetric information. It proposes a new approach to characterizing incentives constraints for group behaviour when asymmetric information is non-verifiable. This provides a methodology to characterise the optimal constitutional response to activities of interest groups and to study the design of any institution in which group behavior is important.
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Book DetailsISBN: 9780198294245
(224mm x 145mm x 19mm)
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 30-Mar-2000
Country of Publication: United Kingdom
Books By Author Jean-Jacques Laffont
Regulation and Development, Paperback (March 2005)
Jean-Jacques Laffont provides the first theoretical analysis of the regulation of public services for developing countries.
Cost Proxy Models and Telecommunications Policy, Hardback (October 2002)
An empirical approach to understanding telecommunications regulation based on the use of a sophisticated engineering cost proxy model.
Theory of Incentives, Paperback (December 2001)
Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability.
Incentives and Political Economy, Paperback (October 2001)» View all books by Jean-Jacques Laffont
'Incentives and Political Economy' constructs a normative approach to constitutional design using developments in contract theory. It treats political economy as the study of the incentive problems created by the delegation of Politicians are treated successively as informed supervisors or residual decision-makers.
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Author Biography - Jean-Jacques Laffont
Jean-Jacques Laffont is Professor of Economics at the University of Toulouse and director of the Institut d'Economie Industrielle (IDEI). His recent research focuses on regulation, political economy, and development. Winner of the Yrjoe Jahnsson award in 1993, he was President of the Econometric Society in 1992 and President of the European Economic Association in 1998.
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