This paper develops a theory of policy disasters and governing systems rooted in Punctuated Equilibrium Theory (PET). I theorize that disasters are more likely to occur when.
Thus, according to the punctuated equilibrium model, the stability of public policies and their rapid change derive from the same process.
Downloadable! We provide a characterization of the limit set of perfect public equilibrium payoffs of repeated games with imperfect public monitoring as the discount factor goes to one.
Such details provide a deeper understanding and appreciation for Public Equilibrium Disaster.
