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Incentive Contracts and Elections for Politicians with Multi-Task Problems

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Author Info
Gersbach, Hans
Liessem, Verena

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Abstract

We consider a model with a politician facing a multi-task problem while in office. The re-election mechanism distorts the allocation of effort in favour of tasks whose outcomes can be measured more precisely than others. We show that a combination of elections and incentive contracts can alleviate this inefficiency. The incentive contract does not require information about the performance of the politician and is self-financing across terms.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4075.

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Date of creation: Oct 2003
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Handle: RePEc:cpr:ceprdp:4075

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Related research
Keywords: elections; incentive contracts; multi-task problems;

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Find related papers by JEL classification:
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

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  1. Markus Müller, 2007. "Motivation of politicians and long-term policies," Public Choice, Springer, vol. 132(3), pages 273-289, September. [Downloadable!] (restricted)
  2. Gersbach, Hans, 2004. "Competition of Politicians for Wages and Office," CEPR Discussion Papers 4261, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Gersbach, Hans, 2008. "Contractual Democracy," CEPR Discussion Papers 6763, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Hans Gersbach & Verena Liessem, 2008. "Reelection threshold contracts in politics," Social Choice and Welfare, Springer, vol. 31(2), pages 233-255, August. [Downloadable!] (restricted)
    Other versions:
  5. Hans Gersbach, 2001. "Competition of Politicians for Incentive Contracts and Elections," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
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