the difference between your preferred outcome and the other collective outcome. Examples-meeting times- your preference is 10am, outcome is 8am.
transaction costs 22
costs involved in reaching a decision: time, resources, effort (to compare preferences) generally the more participants, the higher the transaction costs
Relationship between transaction and conformity costs
a dictatorship has high conformity costs and low transaction costs, while unanimous consent has high transaction costs and low conformity costs
signing statements 316
a statement issued by the president that is intended to modify implementation or ignore altogether provisions of a new law
agreement under international law entered into by actors in international law, namely sovereign states and international organizations. may also be known as an (international) agreement, protocol, covenant, convention or exchange of letters.
executive branch may negotiate treaties, in which the senate will ratify with 2/3 vote in order to take effect.
Marbury vs. Madison(1803) 73
court laid claim to the authority to strike down any legislation it deemed unconstitutional