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• W3125550951 abstract "When politicians are short-term oriented or future elections do not sufficiently reflect the success of past policies, democratic elections cannot motivate politicians to undertake long-term socially beneficial projects. When politicians can offer incentive contracts which become effective upon reelection, the hierarchy of contracts and elections can alleviate such inefficient decision-making in politics. This mechanism still works if the public cannot commit itself to a reelection scheme or if the public is unsure about the politicians’ time preferences. In the non-commitment case, incentive contracts may need to include a golden parachute clause." @default.
• W3125550951 created "2021-02-01" @default.
• W3125550951 creator A5029496610 @default.
• W3125550951 date "2004-10-01" @default.
• W3125550951 modified "2023-09-27" @default.
• W3125550951 title "Competition of Politicians for Incentive Contracts and Elections" @default.
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• W3125550951 doi "https://doi.org/10.1007/s11127-004-0555-z" @default.
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