Part II Heterogeneity and Conflicting Interests, Elections and Changes of Policymakers Back to Laws, Institutions and Delegated Authority to overview Forward to Redistribution
7.1 Introduction
Policymaker could be replaced by another policymaker through an election,
so policymaker have two possibilyties to increase their chance to stay in
office. If q is the probability to stay in the office,
they first can chose a police to incraese q, and second to influence the policy choisces of the successor's. With chosing state variables today, he can
affect constraints of tomorrow.
Only the uncertainty about which policymaker get's or stay in the office
can have effects on economic.
Prinzipla-Agent
The welfare of one depends on the decision of someone else.
7.2 Elections and Policymaker Performance
Election as a way to controll the agents behavior, it can be used to disciplin agents.
Retrospective voting rule: who the elector chooses depends on post observed performance.
Soziotropic voting rule, not only the personale benefit play's a role on the decision which policymaker should be vote for, although the collective benefit
would be take in account.
7.3 The Opportunistic Political Business Cycles
Two factors, first the state of the economie must have an influence on what
the voter's choice, and second politicans knew and use this fact.
Voter's forgot very fast the economic performance (after 1 - 2 years). And the output of the hole economic weights more then the own pocketbook.
7.4 ???
N.N.
7.5 Competence and Prospective Voting
There are asymmetric information about the competence, a policymaker should have somethink to show the voter's. They can learn by observing. Restricting the fiscalpolicy is no way to show who is competent. An other form of signaling is to call early election.
7.6 Campaign Promises
How making promises through campaign can influece voter's. It works when
the information about policymakers is incomplete.
7.7 Interaction of Executive and the Legislature
It was showed that the voter differ between the vote for a president and
the following midterm elections. The more mayority was for the president,
the more seats the party of president loose in the mid term elections.
7.8 Multiparty Systems and Endogenous Election Dates
N.N.
7.9 Tying the Hands of one's Replacement
Consuming now is better than transfering the ressources to a successor. And don't tie the hand's of a sucsessor on a field he is incompetent, he would do it on his own.
Sascha Frank
Last modified: Wed Nov 16 19:37:15 MET 2005