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Designing Democracies for Sustainability

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Author Info
Gersbach, Hans
Kleinschmidt, Tobias

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Abstract

Democratic processes may not take the welfare of future generations sufficiently into account and thus may not achieve sustainability. We show that the dual democratic mechanism – rejection/support rewards (RSRs) for politicians and elections – can achieve sustainability. RSRs stipulate that incumbents who are not re-elected, but obtain the majority support among young voters receive a particular monetary or non-monetary reward. Such rejection/support rewards induce politicians to undertake long-term beneficial policies, but may invite excessive reward-seeking. We identify optimal RSRs under different informational circumstances.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4623.

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Date of creation: Sep 2004
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Handle: RePEc:cpr:ceprdp:4623

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Related research
Keywords: democracy; elections; incentive contracts; Q56; rejection/support rewards; sustainability;

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
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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