Reference no: EM132407264
Two distinct proposals, A and B, are being debated in Washington. Congress likes proposal A, and the president likes proposal B. The proposals are not mutually exclusive; either or both or neither may become law. There are four possible outcomes, and the rankings of the two sides are as follows, where a larger number represents a more favored outcome:
Outcome Congress President
A becomes law 4 1
B becomes law 1 4
Both A & B become law 3 3
Neither (status quo prevails) 2 2
The moves in the game are as follows. First, Congress decides whether to pass a bill and whether the bill is to contain A and B or both. Then the president decides whether to sign or veto the bill. Congress does not have enough votes to override a veto.
Now suppose the rules of the game are changed in only one respect: the president is given an extra power of a line-item veto. Thus, if Congress passes a bill containing both A and B, the president may choose not only to sign or veto the bill as a whole, but also to veto just one of the two items. Draw the new tree and find the rollback equilibrium.
What is/are the rollback equilibrium/equilibria?
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