Democratic Peace – A Principal-Agent Approach

Nadine Leonhardt

No 453, Ruhr Economic Papers from RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen

Abstract: The present paper explicitly models the principal-agent relationship between a democratic population and its elected representative within a standard war bargaining setup. I find that the specific structure of this relationship and the problems resulting from it help overcome information asymmetries in crisis bargaining. This provides an alternative theoretic explanation of democracies‘ signaling advantage which may turn out to be more realistic than the concept of audience costs.

Keywords: democratic peace; principal-agent problems; crisis bargaining (search for similar items in EconPapers)
JEL-codes: C78 D74 J52 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:rwirep:453

DOI: 10.4419/86788511

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