Conventional models of single district plurality elections show that with three parties anything can happen extreme policies can win regardless of voter preferences. I show that when there are multiple district elections for a legislature we get back to a world where the median voter matters: an extreme policy will generally only come about if it is preferred by the median voter in a majority o...

We consider a multilateral bargaining game in which the agents can be classified into two groups according to their instantaneous preferences. In one of these groups there is one agent with a different discount factor. We analyze how this time-preference heterogeneity may generate multiplicity of equilibria. When such an agent is sufficiently more patient than the rest, there is an equilibrium ...