AbstractWe study a political system in which voters can optimally pick between political platforms,but cannot screen the quality of individual politicians associated with these platforms.A bad individual achievement can correspond to either incompetence (adverse selection) orcorruption (moral hazard). Information could improve, if independent experts assess achievementsas compared to commitments, allowing independent judges to investigate possible corruption.We find that while good experts are always beneficial as they increase transparency,the impact of the quality of judges is ambiguous. Above a threshold, with risk-averse socialplanners, good judges increase the incentive-compatible punishment of politicians, at the costof possible judiciary mistakes.
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Bibliographic InfoPaper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers ECARES with number ECARES 2013-20.
Length: 23 p.
Date of creation: Apr 2013
Date of revision:
Publication status: Published by:
Other versions of this item:
- D7 - Microeconomics - - Analysis of Collective Decision-Making
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-04-27 (All new papers)
- NEP-CDM-2013-04-27 (Collective Decision-Making)
- NEP-CTA-2013-04-27 (Contract Theory & Applications)
- NEP-POL-2013-04-27 (Positive Political Economics)
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