(1) Self-binding nature of institutions prevents elites from having an unfair advantage over rivals (contingent consent and bounded uncertainty).
(2) Legitimize democracy which relies on process not outcomes.
(3) Institutions solve collective action problems and make cooperation possible.
(4) Empirically important:
(a) electoral majorities have been rare in the history of successful democracies.
(b) democracies have survived only when groups could not fortify temporary advantages. (c) democracies must be able to prevent majorities or vocal and violent minorities from exercising a veto.