G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3900
DP3900 The Price of Future Liquidity: Time-Varying Liquidity in the US Treasury Market
David Goldreich; Bernd Hanke; Purnendu Nath
发表日期2003-05-25
出版年2003
语种英语
摘要The Paper studies the relative merits of direct and representative legislation in a setting where voters are uncertain both with respect to the likely consequences of different policies and with respect to the political preferences of their fellow citizens. Under representative legislation, the latter translates into uncertainty on the elected official?s future policy intentions, which involves a loss of control. The resulting discretionary power, however, also leads officials to endogenously acquire competence on the issues they oversee and specialize in policy formation. Policies determined in representative democracies are therefore better tailored to relevant contingencies but less close to the preferences of a majority than those determined in popular ballots. It is shown that the extent of the resulting trade-off depends on the set of alternatives among which the policy is to be chosen. Two extensions, referenda and the possibility of re-election, are briefly considered.
主题Public Economics
关键词Direct democracy Representative democracy Constitutional choice Delegation
URLhttps://cepr.org/publications/dp3900
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532897
推荐引用方式
GB/T 7714
David Goldreich,Bernd Hanke,Purnendu Nath. DP3900 The Price of Future Liquidity: Time-Varying Liquidity in the US Treasury Market. 2003.
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