Imperfect Information, Democracy and Populism
AbstractThe modern world is complex and difficult to understand for voters, who may hold beliefs that are at variance with reality. Politicians face incentives to pander to voters' beliefs to get reelected. We analyze the welfare e ffects of this pandering and show that it entails both costs and bene fits. Moreover, we explore optimal constitutional design in the presence of imperfect information about how the world works. We compare indirect democracy to direct democracy and to delegation of policy making to independent agents. We find that indirect democracy is often welfare maximizing.
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Bibliographic InfoPaper provided by Tilburg University, Tilburg Law and Economic Center in its series Discussion Paper with number 2008-040.
Date of creation: 2008
Date of revision:
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Web page: http://www.tilburguniversity.nl/tilec/
Imperfect information; beliefs; democracy; populism; accountability; experts;
Other versions of this item:
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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- Georgy Egorov & Konstantin Sonin, 2013.
"A Political Theory of Populism,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 128(2), pages 771-805.
- Daron Acemoglu & Georgy Egorov & Konstantin Sonin, 2011. "A Political Theory of Populism," Levine's Working Paper Archive 786969000000000281, David K. Levine.
- Daron Acemoglu & Georgy Egorov & Konstantin Sonin, 2011. "A Political Theory of Populism," Levine's Working Paper Archive 661465000000001179, David K. Levine.
- Konstantin Sonin & Georgy Egorov & Daron Acemoglu, 2010. "A Political Theory of Populism," 2010 Meeting Papers 1246, Society for Economic Dynamics.
- Daron Acemoglu & Georgy Egorov & Konstantin Sonin, 2013. "A Political Theory of Populism," Levine's Working Paper Archive 786969000000000654, David K. Levine.
- Daron Acemoglu & Georgy Egorov & Konstantin Sonin, 2011. "A Political Theory of Populism," NBER Working Papers 17306, National Bureau of Economic Research, Inc.
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