June 29, 2009, 17:00–18:30
Toulouse
Room MF 323
Political Economy Seminar
Abstract
This paper investigates the consequences of campaign talk for elections and public policy. We build a model with successive elections in which candidates for office give campaign promises without a commitment fulfill them. We find that a candidate's promises signal her policy intentions, but they also generate inefficiencies in public policy following the election (these inefficiencies are attenuated when incumbents are nominated for re-election). We find, furthermore, that limits to individual political careers (either natural aging or institutionally imposed term-limits) devalue campaign talk. However, it remains influential if we interpret our game as electoral competition by political parties rather than individual candidates.
Keywords
campaign promises; electoral accountability; redistributive politics; nomination for re-election; term limits; political parties;
JEL codes
- D72: Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D82: Asymmetric and Private Information • Mechanism Design