Prudence and Success in Politics

Details

Serval ID
serval:BIB_29027
Type
Article: article from journal or magazin.
Collection
Publications
Title
Prudence and Success in Politics
Journal
Economics and Politics
Author(s)
Cadot O., Desgagné B.
ISSN
0954-1985
Publication state
Published
Issued date
07/1992
Peer-reviewed
Oui
Volume
4
Number
2
Pages
171-189
Language
english
Abstract
The paper considers a repeated election game between an infinitely-lived representative voter and finitely-lived, heterogeneous politicians. The voter's prior belief about the incumbent's competency is updated during the incumbent's first term in office. The voter's problem is to find a rule that simultaneously selects and controls politicians. We show that the simple performance rule, standard in the literature, is justified as a time-consistent rule for a forward-looking voter. The outcome of a large class of perfect equilibria is “strategic caution”: incumbent politicians slow down the voter's Bayesian learning by taking only weakly informative actions.
Create date
19/11/2007 10:56
Last modification date
20/08/2019 14:08
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