The Role of Political Parties: An Analysis Based on Transaction Costs
This paper explores the proposition that political parties reduce the transaction costs of electoral participation. Political parties provide a low cost signal of a candidate's policies and personal characteristics and, in this way, reduce voters' information costs. With reference to 'transaction cost economics,' political parties offer an 'implicit contract' between voters and politicians and thereby reduce the scope for opportunism by politicians. This impact on transaction costs is important in any evaluation of public policy towards political parties. Copyright 1998 by Kluwer Academic Publishers
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Volume (Year): 94 (1998)
Issue (Month): 1-2 (January)
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References listed on IDEAS
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- Jones, Philip & Hudson, John, 1996. "Standardization and the costs of assessing quality," European Journal of Political Economy, Elsevier, vol. 12(2), pages 355-361, September.
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- Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
- Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911, December.
- Schram, Arthur & Sonnemans, Joep, 1996. "Why people vote: Experimental evidence," Journal of Economic Psychology, Elsevier, vol. 17(4), pages 417-442, August.
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