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Private Returns to Public Office

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  • Raymond Fisman

    ()

  • Florian Schulz

    ()

  • Vikrant Vig

    ()

Abstract

The wealth accumulation of Indian parliamentarians using public disclosures required of all candidates since 2003 are studied. Annual asset growth of winners is on average 3 to 6 percentage points higher than runners-up. By performing a within-constituency com- parison where both runner-up and winner run in consecutive elections, and by looking at the subsample of very close elections, a range of alternative explanations for differential earnings of politicians and a relevant control group are ruled out. The “winner's premium" comes from parliamentarians holding positions in the Council of Ministers, with asset re- turns 13 to 29 percentage points higher than non-winners. The benefit of winning is also concentrated among incumbents, because of low asset growth for incumbent non-winners. [BREAD Working paper]. URL:[http://ipl.econ.duke.edu/bread/papers/working/344.pdf].

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:4979.

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Date of creation: May 2012
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Handle: RePEc:ess:wpaper:id:4979

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Related research

Keywords: Private Returns; Public Office; Information disclosure; Indian politics; Regression discontinuity; Annual asset growth; Indian parliamentarians; asset growth; candidates; salary earnings; politicians' motivations;

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  1. Caselli, Francesco & Morelli, Massimo, 2004. "Bad politicians," Journal of Public Economics, Elsevier, vol. 88(3-4), pages 759-782, March.
  2. Daniel Diermeier & Michael Keane & Antonio Merlo, 2005. "A Political Economy Model of Congressional Careers," American Economic Review, American Economic Association, vol. 95(1), pages 347-373, March.
  3. Benjamin A. Olken & Rohini Pande, 2011. "Corruption in Developing Countries," NBER Working Papers 17398, National Bureau of Economic Research, Inc.
  4. Guido Imbens & Thomas Lemieux, 2007. "Regression Discontinuity Designs: A Guide to Practice," NBER Technical Working Papers 0337, National Bureau of Economic Research, Inc.
  5. Lazear, Edward P & Rosen, Sherwin, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 841-64, October.
  6. Mattozzi, Andrea & Merlo, Antonio, 2007. "Political Careers or Career Politicians?," CEPR Discussion Papers 6164, C.E.P.R. Discussion Papers.
  7. John Ferejohn, 1986. "Incumbent performance and electoral control," Public Choice, Springer, vol. 50(1), pages 5-25, January.
  8. Raymond Fisman & Nikolaj A. Harmon & Emir Kamenica & Inger Munk, 2012. "Labor Supply of Politicians," NBER Working Papers 17726, National Bureau of Economic Research, Inc.
  9. Kotakorpi, Kaisa & Poutvaara, Panu, 2011. "Pay for politicians and candidate selection: An empirical analysis," Journal of Public Economics, Elsevier, vol. 95(7), pages 877-885.
  10. Eggers, Andy & Hainmueller, Jens, 2008. "MPs for Sale? Estimating Returns to Office in Post-War British Politics," MPRA Paper 7892, University Library of Munich, Germany.
  11. Claudio Ferraz & Frederico Finan, 2011. "Electoral Accountability and Corruption: Evidence from the Audits of Local Governments," American Economic Review, American Economic Association, vol. 101(4), pages 1274-1311, June.
  12. Robert Barro, 1973. "The control of politicians: An economic model," Public Choice, Springer, vol. 14(1), pages 19-42, March.
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Cited by:
  1. Kaisa Kotakorpi & Panu Poutvaara & Marko Terviö, 2013. "Returns to Office in National and Local Politics," CESifo Working Paper Series 4542, CESifo Group Munich.
  2. Zohal Hessami, 2013. "Corruption, Public Procurement, and the Budget Composition: Theory and Evidence from OECD Countries," Working Paper Series of the Department of Economics, University of Konstanz 2013-27, Department of Economics, University of Konstanz.

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