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Who is going to save us now? Bureaucrats, Politicians and Risky Tasks

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  • Paul A. Raschky

    ()

  • Hannelore Weck-Hannemann

    ()

Abstract

The paper compares the policy choices regarding risk-transfer against low-probability-high-loss events between elected and appointed public officials. Empirical evidence using data on U.S. municipality-level shows that appointed city managers are more likely to adopt federal risk-transfer regimes. It is argued that the variation in the level of insurance activity emerges from the different incentive schemes each government form is facing. Controlling for spatial dependencies further shows that the participation decision in the insurance program significantly depends on the decision of neighboring communities.

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Bibliographic Info

Paper provided by Faculty of Economics and Statistics, University of Innsbruck in its series Working Papers with number 2007-29.

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Length: 33
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Handle: RePEc:inn:wpaper:2007-29

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Related research

Keywords: Politicians; bureaucrats; decision making under uncertainty; flood insurance; spatial econometrics;

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References

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  1. Alesina, Alberto & Tabellini, Guido, 2008. "Bureaucrats or politicians? Part II: Multiple policy tasks," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 426-447, April.
  2. Frey, Bruno S. & Schneider, Friedrich, 1986. "Competing models of international lending activity," Journal of Development Economics, Elsevier, vol. 20(2), pages 225-245, March.
  3. Maxx Dilley & Robert S. Chen & Uwe Deichmann & Arthur L. Lerner-Lam & Margaret Arnold, 2005. "Natural Disaster Hotspots: A Global Risk Analysis," World Bank Publications, The World Bank, number 7376, February.
  4. Howard Kunreuther & Mark Pauly, 2006. "Rules Rather Than Discretion: Lessons from Hurricane Katrina," NBER Working Papers 12503, National Bureau of Economic Research, Inc.
  5. Howard Kunreuther & Mark Pauly, 2004. "Neglecting Disaster: Why Don't People Insure Against Large Losses?," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 5-21, January.
  6. Eric Maskin & Jean Tirole, 2004. "The Politician and the Judge: Accountability in Government," Economics Working Papers 0020, Institute for Advanced Study, School of Social Science.
  7. Howard Kunreuther, 2001. "Mitigation and Financial Risk Management for Natural Hazards*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 26(2), pages 277-296, April.
  8. Austin Troy & Jeff Romm, 2004. "Assessing the price effects of flood hazard disclosure under the California natural hazard disclosure law (AB 1195)," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 47(1), pages 137-162.
  9. Brookshire, David S, et al, 1985. "A Test of the Expected Utility Model: Evidence from Earthquake Risks," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 369-89, April.
  10. Browne, Mark J & Hoyt, Robert E, 2000. " The Demand for Flood Insurance: Empirical Evidence," Journal of Risk and Uncertainty, Springer, vol. 20(3), pages 291-306, May.
  11. Rincke, Johannes, 2007. "Policy diffusion in space and time: The case of charter schools in California school districts," Regional Science and Urban Economics, Elsevier, vol. 37(5), pages 526-541, September.
  12. Alberto Alesina & Guido Tabellini, 2007. "Bureaucrats or Politicians? Part I: A Single Policy Task," Levine's Working Paper Archive 321307000000000870, David K. Levine.
  13. Philippe Aghion & Alberto Alesina & Francesco Trebbi, 2005. "Choosing Electoral rules: Theory and Evidence from US Cities," Harvard Institute of Economic Research Working Papers 2065, Harvard - Institute of Economic Research.
  14. Steven F. Kreft, 2007. "An Efficiency Comparison of City Managers and Elected Mayors," Working Papers 2007-02, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
  15. Howard Kunreuther & Mark Pauly, 2006. "Rules rather than discretion: Lessons from Hurricane Katrina," Journal of Risk and Uncertainty, Springer, vol. 33(1), pages 101-116, September.
  16. Luechinger, Simon & Raschky, Paul A., 2009. "Valuing flood disasters using the life satisfaction approach," Journal of Public Economics, Elsevier, vol. 93(3-4), pages 620-633, April.
  17. Jan Mutl, 2006. "Misspecification of Space: An Illustration Using Growth Convergence Regressions," Computing in Economics and Finance 2006 436, Society for Computational Economics.
  18. Paul Raschky, 2007. "Estimating the effects of risk transfer mechanisms against floods in Europe and U.S.A.: A dynamic panel approach," Working Papers 2007-05, Faculty of Economics and Statistics, University of Innsbruck.
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