Partially Binding Platforms: Political Promises as a Partial Commitment Device
AbstractThis paper examines the effects of campaign platforms in political competition when campaign platforms are partially binding: a candidate who implements a policy different from his/her platform must pay a cost of betrayal that increases with the size of the discrepancy. With partially binding platforms, the median-voter theorem does not hold, and candidates always implement different policies in equilibrium. If and only if the cost of betrayal goes to infinity for any degree of betrayal, the median-voter theorem holds. Partially binding platforms also can predict who wins. A candidate who is more moderate, less policy-motivated and whose cost of betrayal is higher than the opposition with the same degree of betrayal wins. The degree of honesty can be derived endogenously, and candidates who have the above characteristics are more honest.
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Bibliographic InfoPaper provided by Institute for Monetary and Economic Studies, Bank of Japan in its series IMES Discussion Paper Series with number 10-E-01.
Date of creation: Feb 2010
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Electoral Competition; Median-voter Theorem; Valence; Campaign Platforms;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-04-11 (All new papers)
- NEP-CDM-2010-04-11 (Collective Decision-Making)
- NEP-POL-2010-04-11 (Positive Political Economics)
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