Abstract
This paper explores the strategic value of incomplete preference revelation for an executive with veto authority within a budgetary process. The analysis indicates which forms of veto power can be augmented by the strategic manipulation of information on preferences. The lesson of the analysis is that the failure to consider the strategic value of incomplete preference revelation is a methodological shortcoming of standard structure-induced equilibrium analysis, since without such consideration equilibrium outcomes are subject to misspecification; the true power bestowed upon individual political actors by alternative institutions is misunderstood; and the informational gamesmanship that is so much a part of the political process is left unexplained.
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