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An Economic Theory of Referendum Voting: School Construction and Stock Adjustment

Author

Listed:
  • John L. Mikesell

    (Indiana University)

  • John P. Blair

    (West Virginia University)

Abstract

Local public project referenda provide the voter a unique opportunity to shape public activity. Prior studies of these votes fail to develop a behavioral model of this choice, usually relying on ad hoc explanations of variables that, for one reason or another, contribute to forecasts of referendum results. Our paper outlines a stock adjustment model of school bond referenda and tests this model using data from a set of school elections in West Virginia. The unique features of our model are treatment of the bond voting decision as an input decision and, hence, as involving derived demand; analysis of the bond referendum as a stock adjustment decision; and concentration on voting as a decision between discrete, mutually exclusive options.

Suggested Citation

  • John L. Mikesell & John P. Blair, 1974. "An Economic Theory of Referendum Voting: School Construction and Stock Adjustment," Public Finance Review, , vol. 2(4), pages 395-410, October.
    • Handle: RePEc:sae:pubfin:v:2:y:1974:i:4:p:395-410
    DOI: 10.1177/109114217400200401
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    References listed on IDEAS

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    1. Richard Raymond, 1968. "Determinants of the Quality of Primary and Secondary Public Education in West Virginia," Journal of Human Resources, University of Wisconsin Press, vol. 3(4), pages 450-470.
    2. Norman Plotkin, 1972. "A social choice model of the California feather river project," Public Choice, Springer, vol. 12(1), pages 69-87, March.
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