Ravideep Sethi and Ewout Verriest, 2019.
Considering an infinitely repeated legislative bargaining game with three players, the authors show that a sufficiently patient and powerful veto player (for example a monarch with a high recognition probability) may have an incentive to cede some of her agenda-setting power to her non-veto opponents (for example the bourgeoisie and nobility), through a “voluntary democratization” process which permanently lowers her proposal power. [download pdf]
