Robert Higgs | Thursday August 24, 2017 at 1:33 PM PST | Comments Off on Principal-agent Theory and Representative Government
In recent decades economists have devoted great efforts to the analysis of the principal-agent problem (see for example Milgrom and Roberts 1992 and the Wikipedia article on “Principal-agent Problem”). This area of study has to do with the incentives and disincentives of an agent acting on behalf of a principal that he is presumed or...
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Tags: agency, Congress, Constitution, democracy, election, Elections, government, political, Politics, public choice, representative, republic
Randall Holcombe | Tuesday October 19, 2010 at 9:00 AM PST | 4 Comments
One of the features of secret ballot elections is that they make it difficult for voters to sell their votes. Even if a voter wants to, and finds a willing buyer, the secret ballot means the voter cannot offer any proof that the voter actually voted the way the vote buyer wanted. Absentee ballots...
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Tags: absentee voting, campaign contribution, democracy, election, Elections, Integrity, Politics, representative, secret ballot, senator, The State