Pedro F. Rackebrandt

I study MPhil Economics at the University of Oxford, Merton College. I like to learn about frontier AI and economics.

As an undergraduate at the University of Manchester I used volatility to measure price dislocation in commodity markets. I then spent time in institutional brokerage before returning to research.

Pedro F. Rackebrandt

Research

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Why regimes go round in circles

Democracies decay and so does whatever replaces them; I show the loop Polybius described in 150 BC is what the mathematics predicts once a country's birth rate falls fast enough, not a run of bad luck.

How to read the figure

The wobble. Think of a country's politics as a wobble. Parties swap, crises arrive, protests happen, and normally things settle back down. The blue line is that wobble over decades. A wide loop means big political swings; a tight loop means calm.

Why it climbs. The line rises because the birth rate is falling, the only thing changing here. Fewer children means the average voter keeps getting older, and older voters want different things from a constitution than younger ones.

Below the dashed square the loop shrinks to nothing: a crisis hits, the system absorbs it, life returns to normal. That is a constitution doing its job.

Above it the loop widens and never closes. A crisis no longer fades. The country swings from one kind of government to the next and keeps going round. Rome did this. So has most of Latin America.

Test it. Press Shock it near the bottom and the wobble dies. Press it near the top and it never does. That difference is the whole argument.

The technical version

The normal form of a Hopf bifurcation, integrated live. Horizontal axes are the two state variables; the vertical axis is θ, the speed of the demographic transition, drifting upward so the system passes through the bifurcation rather than sitting at a fixed value. For θ < 0 the origin is a stable spiral. At θ = 0 a pair of eigenvalues crosses the imaginary axis, the origin loses stability and a limit cycle of radius √θ appears. The trajectory settles onto that radius only after a lag, the delay effect characteristic of slow passage through a bifurcation. Tested against V-Dem.

In progressNonlinear dynamicsV-Dem
All five at once: impossible.That is the theorem. Click any one to give it up, and see what you get instead.

Why no constitution can do everything

Five things you want from a constitution cannot all hold at once, and I prove it: stable, hard to capture, open to newcomers, binding on the future, equal for everyone. Give one up on the left and see what survives.

How to read the figure

Every corner is one of the five demands, and they all start switched on. In that state no constitution exists, which is the result the paper proves. Click a corner to give that demand up, and the panel names the constitution you are left with, with a real example where one exists. Give up two and the question stops being interesting: plenty of designs work. The theorem is about giving up exactly one.

The technical version

Five axioms (stability, non-capture, openness, commitment efficiency, anonymity) shown mutually incompatible in an overlapping-generations economy with heterogeneous patience and multidimensional policy. Epistocratic bicameralism characterised as the unique escape. A companion convergence result shows the constitution self-obsolesces as the patience distribution shifts.

DraftSocial choiceOLG