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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP3900 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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