We examine legislative policy making in institutions with two empirically relevant features: agenda setting occurs in real time and the default policy evolves. We demonstrate that these institutions select Condorcet winners when they exist, provided a sufficient number of individuals have opportunities to make proposals. In policy spaces with either pork barrel or pure redistributional politics (where a Condorcet winner does not exist), the last proposer is effectively a dictator or near‐dictator under relatively weak conditions.
MLA
Bernheim, B. Douglas, et al. “The Power of the Last Word in Legislative Policy Making.” Econometrica, vol. 74, .no 5, Econometric Society, 2006, pp. 1161-1190, https://doi.org/10.1111/j.1468-0262.2006.00701.x
Chicago
Bernheim, B. Douglas, Antonio Rangel, and Luis Rayo. “The Power of the Last Word in Legislative Policy Making.” Econometrica, 74, .no 5, (Econometric Society: 2006), 1161-1190. https://doi.org/10.1111/j.1468-0262.2006.00701.x
APA
Bernheim, B. D., Rangel, A., & Rayo, L. (2006). The Power of the Last Word in Legislative Policy Making. Econometrica, 74(5), 1161-1190. https://doi.org/10.1111/j.1468-0262.2006.00701.x
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