Political Economy in a Changing World
---- Acknowledgments ----
An earlier draft was circulated under the title "Markov Voting Equilibria: Theory and Applications". We thank participants of Wallis Institute Annual Conference, CIFAR meeting in Toronto, and of seminars at Georgetown, ITAM, Northwestern, London School of Economics, Stanford, UPenn, Warwick and Zurich for helpful comments. Acemoglu gratefully acknowledges financial support from Army Research Office. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.