The informational value of incumbency
AbstractThis paper proposes an argument that explains incumbency advantage without recurring to the collective irresponsibility of legislatures. For that purpose, we exploit the informational value of incumbency: incumbency confers voters information about governing politicians not available from challengers. Because there are many reasons for high reelection rates different from incumbency status, we propose a measure of incumbency advantage that improves the use of pure reelection success. We also study the relationship between incumbency advantage and ideological and selection biases. An important implication of our analysis is that the literature linking incumbency and legislature irresponsibility most likely provides an overestimation of the latter.
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Bibliographic InfoPaper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 962.
Date of creation: Apr 2006
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Web page: http://www.econ.upf.edu/
Incumbency; information; candidate quality; selection bias; ideology;
Other versions of this item:
- Carmen Bevia & Humberto Llavador, 2006. "The Informational Value of Incumbency," Working Papers 276, Barcelona Graduate School of Economics.
- Carmen Bevi? & Humberto Llavador, 2006. "The Informational Value of Incumbency," UFAE and IAE Working Papers 662.06, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- 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-Making and Implementation
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