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The role of political parties: An analysis based on transaction costs

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Author Info
Philip Jones
John Hudson

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Abstract

This paper explores the proposition that political parties reduce the ‘transaction costs’ of electoral participation. Political parties provide a low cost signal of a candidate's policies and personal characteristics and, in this way, reduce voters' information costs. With reference to ‘transaction cost economics’, political parties offer an ‘implicit contract’ between voters and politicians and thereby reduce the scope for opportunism by politicians. This impact on transaction costs is important in any evaluation of public policy towards political parties. Copyright Kluwer Academic Publishers 1998

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File URL: http://hdl.handle.net/10.1023/A:1004924417001
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Publisher Info
Article provided by Springer in its journal Public Choice.

Volume (Year): 94 (1998)
Issue (Month): 1 (January)
Pages: 175-189
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Handle: RePEc:kap:pubcho:v:94:y:1998:i:1:p:175-189

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  1. Jones, Philip & Hudson, John, 1996. "Standardization and the costs of assessing quality," European Journal of Political Economy, Elsevier, vol. 12(2), pages 355-361, September. [Downloadable!] (restricted)
  2. Schram, Arthur & Sonnemans, Joep, 1996. "Why people vote: Experimental evidence," Journal of Economic Psychology, Elsevier, vol. 17(4), pages 417-442, August. [Downloadable!] (restricted)
  3. Levitt, Steven D, 1994. "Using Repeat Challengers to Estimate the Effect of Campaign Spending on Election Outcomes in the U.S. House," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 777-98, August. [Downloadable!] (restricted)
  4. Howard P. Marvel & Stephen McCafferty, 1984. "Resale Price Maintenance and Quality Certification," RAND Journal of Economics, The RAND Corporation, vol. 15(3), pages 346-359, Autumn. [Downloadable!] (restricted)
  5. Maute, Manfred F. & Forrester, William Jr., 1991. "The effect of attribute qualities on consumer decision making: a causal model of external information search," Journal of Economic Psychology, Elsevier, vol. 12(4), pages 643-666, December. [Downloadable!] (restricted)
  6. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213. [Downloadable!] (restricted)
  7. Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December. [Downloadable!] (restricted)
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