The Production Function for Votes
AbstractThe Vote Production Function (VPF) has a party's vote depending on (a) its potential vote and (b) the party organization which actualizes it - 'political capital'. Empirical work suggests that moving to the centre would increase your vote if only you could hold political capital constant. The relative weights of the factors in the VPF will determine whether parties converge or polarize ideologically and politicians' rent-seeking behaviour. In most cases, the more important political capital is, the greater the extent of rent seeking. There is thus a welfare case for sidelining party organizations. Compulsory voting might help.
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Bibliographic InfoPaper provided by Department of Economics, University of Bristol, UK in its series Bristol Economics Discussion Papers with number 04/559.
Length: 42 pages
Date of creation: Jul 2004
Date of revision:
voting; ideological equilibria; rent-seeking;
Find related papers by JEL classification:
- H10 - Public Economics - - Structure and Scope of Government - - - General
- H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-07-26 (All new papers)
- NEP-CDM-2004-07-26 (Collective Decision-Making)
- NEP-POL-2004-07-26 (Positive Political Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Torsten Persson & Guido Tabellini, 2002. "Political Economics: Explaining Economic Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262661314, December.
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