Trading and Voting
研究完全金融市场如何改变选民对再分配政策候选人的政治选择，发现若再分配不影响总财富，则金融交易使财富因素不影响投票结果，但当选者会实施比自身偏好更激进的再分配。
Complete financial markets transform the political choice between candidates with different redistribution policies. If redistribution policies do not affect aggregate wealth, then financial trade implies that wealth considerations have no effect on voting and so do not affect who wins. However, an election in which one candidate would redistribute results in redistribution, and redistribution is the same whether or not he wins. Furthermore, he proposes, and if elected carries out, more redistribution than he prefers. If redistribution policies do affect aggregate wealth, then everybody expects more wealth if the candidate with the higher aggregate-wealth policy wins.