Shirking and sorting in a political market with finite-lived politicians

This paper analyzes principal-agent slack in the context of a political market composed of voters, challengers, and incumbents. The introduction of a last period (via finite-livedness) in combination with voters' imperfect information about politicians' preferences causes time-varying shirking behavior on the part of politicians. Political markets eventually sort out those politicians with significantly deviant policy preferences, potentially providing a solution to the last period problem and enabling politicians to make credible commitments. In the extreme, sorting can insure that it is not worthwhile for potential shirkers to run for office. A systematic relationship between political shirking and number of terms in office may exist, and depends on how quickly sorting takes place. We show that evidence of little if any shirking is quite consistent with politicians having diverse and strongly held policy preferences. In addition, if sorting is a significant feature of political markets, cross-sectional studies will tend to oversample little- and non-shirking politicians compared to longitudinal studies. Reinterpretations of existing empirical work are also discussed.We wish to thank John Bond, Donald Deere, Gertrud Fremling, Tim Gronberg, Michael Munger, Russell Roberts, and the participants of workshops at Dartmouth College, Texas A&M University, University of Houston, University of Texas, Yale Law School, and the 1987 Public Choice Meetings for valuable discussions on earlier drafts of this paper. An earlier version of this paper was issued as working paper E-87-34 by the Hoover Institution. The views expressed here do not necessarily reflect those of the U.S. Sentencing Commission nor those of any of its Commissioners. Any remaining errors are of course our own.     

An Aquatic Decomposition Scoring Method to Potentially Predict the Postmortem Submersion Interval of Bodies Recovered from the North Sea

This study aimed to develop an aquatic decomposition scoring (ADS) method and investigated the predictive value of this method in estimating the postmortem submersion interval (PMSI) of bodies recovered from the North Sea. This method, consisting of an ADS item list and a pictorial reference atlas, showed a high interobserver agreement (Krippendorff's alpha ≥ 0.93) and hence proved to be valid. This scoring method was applied to data, collected from closed cases—cases in which the postmortal submersion interval (PMSI) was known—concerning bodies recovered from the North Sea from 1990 to 2013. Thirty‐eight cases met the inclusion criteria and were scored by quantifying the observed total aquatic decomposition score (TADS). Statistical analysis demonstrated that TADS accurately predicts the PMSI (p < 0.001), confirming that the decomposition process in the North Sea is strongly correlated to time.     

Does additional campaign spending really hurt incumbents?: The theoretical importance of past investments in political brand name

The existing literature ignores the fact that the marginal return to current campaign expenditures depends on the candidate's stock of brand name. This simple observation is then used to provide a possible explanation for the negative empirical relationship observed between an incumbent's campaign spending and how well he does.