Constitutional Conservatism and Resistance to Reform

Matthias Messner and Mattias K Polborn
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Matthias Messner: University Pompeu Fabra, https://www.upf.edu/web/econ
Authors registered in the RePEc Author Service: Shannon Seitz ()

No 9902, University of Western Ontario, Departmental Research Report Series from University of Western Ontario, Department of Economics

Abstract: We analyze an overlapping generations model of voting over "reform projects". These resemble investments in that they first require some investment expenditure and later bring a payoff; consequently, older people are more conservative (against reforms) than younger ones. We show that if people vote about a constitution (which is a rule what majority is required in an election for a reform to take place), the constitution will require more than a simple majority. Moreover, from an intuitive social point of view, the equilibrium constitution is too conservative.

Date: 1999
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