Policy Experimentation in Committees: A Case against Veto Rights under Redistributive Constraints

We study optimal policy experimentation by a committee. consider dynamic bargaining game in which committee members choose either risky reform or safe alternative each period. When no redistribution is allowed, the unique equilibrium outcome generically inefficient. allowed (even small amounts), there always exists an that supports for any voting rule without veto players. With players, however, possible only with sufficient amount of redistribution. conclude rights are more obstacle to than constraints on themselves. (JEL D72, C78, H23, D78, D71)