TESTIMONY Bridging the Gap Between Academic Ideas and Real-World Problems
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1 the Good, the Bad and the Populist: a Model of Political Agency With
The Good, the Bad and the Populist: A Model of Political Agency with Emotional Voters Colin Jennings Department of Economics, University of Strathclyde, Glasgow, G4 0GE, UK [email protected] Abstract This paper extends the political agency approach to an environment in which voting may be divided between informed and instrumental, informed and ‘expressive’ and uninformed due to ‘rational irrationality’. It constructs a model where politicians may be good, bad or populist. Initially the existence of only good and populist politicians is assumed and the incentives for good politicians to pool with or separate from populists are investigated and the implications for voter welfare are explored. The paper goes on to consider the inclusion of bad politicians. The paper makes three main contributions. First, it provides a rational choice analysis of populism as populism is commonly understood. Second, it locates a potential role for government as a persuasive provider of information regarding the quality of policy. Third, when bad politicians are added to the analysis it is found that a little bit of potential corruption could improve voter welfare. Keywords: Political Agency, Expressive Voting, Rational Irrationality, Democratic Inefficiency, Populism 1 1. Introduction A crucial debate within Political Economics is the extent to which we can assume full rationality on the part of voters. Since Downs (1957), the concept of ‘rational ignorance’ has been a thorny problem to deal with. The idea is that given the very low probability of determining the outcome of an election, there is very little incentive for voters to become well-informed about the link between policy and outcomes. -
MGPE 18-46 Joe Brunk
No. 18-46 Summer 2018 MERCATUS GRADUATE POLICY ESSAY ANALYZING TWO APPROACHES OF SUPERVISING CULTURE IN BANKING by Joe Brunk The opinions expressed in this Graduate Policy Essay are the author’s and do not represent Abstract In light of the financial crisis and other culture-related scandals, regulators have recently begun to address the issues of toxic cultures plaguing banks. The US and the UK have attempted to address these issues using two slightly different top-down approaches. The purpose of this paper is to address the question of whether the US approach to supervising the culture of its banks is superior to the UK’s approach to supervising the culture of its banks. Two case studies show that corporations and industries, even in the absence of government regulations, can create the proper institutional framework and incentives to change their culture. This paper argues that the US approach to supervising bank culture is superior because it is more likely to mitigate the unintended consequences associated with the knowledge problem, namely unethical behavior. Because of its less regimented and burdensome nature, the US approach fosters an environment where banks can adapt to changing circumstances or errors. This approach allows for more flexibility, variation, and competition in attempts to positively change banking culture. Author Bio Joe Brunk is an alumnus of the Mercatus Center MA Fellowship at George Mason University. He is currently a Research Assistant for the Financial Regulation team at the Mercatus Center at George Mason University. During the summer of 2017, Joe interned on Capitol Hill with the House Financial Services Committee. -
Political Review
Volume 1, Issue 3 - Spring 2009 TheVanderbilt Political Review Featuring: Matt Orton, Dr. Stephen Buckles, Kenneth Colonel, Cedric Koraoglan, Aniket Rali, Andrea Clabough, Bob Youngerman, Dr. Klint Alexander, Matthew Sen, Jesse Jones, and Catherine Spaulding Spring 2009 Thank You! VPRStaff A Letter from the VPR Staff President This third issue of The Vanderbilt Political Review was funded Jadzia Butler by donations of $25 or less from our family and friends. Without their love, support, and encouragement, the continuation of VPR would not have been possible, at a time when political discourse and civic engagement are more crucial than ever. We thank them Vice President all profusely, and promise to use this journal to encourage all mem- Sean Tierney bers of the Vanderbilt Community to collaboratively discuss and analyze the global issues we are now facing. During these difficult times, our efforts may not lead to actual solutions. However, in- Director of Affairs creased political awareness on this campus will most certainly lead Elizabeth Lopez to progress. Thus, all of their small contributions are making a big difference, and we could not be more grateful. Sincerely, Treasurer The VPR Staff Matthew Orton On the Cover Director of Promotions Angelica Ibezim Naveed Nanjee Director of Layout Matthew Taylor Editors Dan de Wit Alanna Dillon Mike Guberman Brittany Jen Dean Mengaziol Spencer Montalvo Emily Morgenstern Political cartoon designed by Guy Kopsumbut, Computer Engineering, Michelle Peck Class of 2010. Lauren Ashley Rollins Opinions expressed in the Vanderbilt Political Review are those of the au- Casey Simmons thors and do not reflect the opinion of the Vanderbilt Political Review staff as a whole. -
2021 SPSA Conference Program
Preliminary Program v. 5.0 Southern Political Science Association 2021 Annual Meeting Online, January 6-9, 2021 (please note: all times are Central Standard Time, UTC-6) Updated 5 January 2021 1100 SPSA Workshop: Case Studies for Policy Analysis I Wednesday Program Chair's Panels/Program Chair's Panels (Online) 8:00am-11:00am Churchill A1 - 2nd Chair Floor Derek Beach, Aarhus University 1100 SPSA Workshop: Generalized Linear Regression Models for Social Scientists I Wednesday Program Chair's Panels/Program Chair's Panels (Online) 8:00am-11:00am Churchill A2 - 2nd Chair Floor Jeff Gill, American University 1100 1100 SPSA Workshop: Analyzing the 2020 American Election I Wednesday Program Chair's Panels/Program Chair's Panels (Online) 8:00am-11:00am Churchill B1 - 2nd Chair Floor Harold Clarke, University of Texas at Dallas 1400 SPSA Workshop: Process-Tracing Methods I Wednesday Program Chair's Panels/Program Chair's Panels (Online) 12:30pm-3:30pm Churchill A1 - 2nd Chair Floor Andrew Bennett, Georgetown University 1400 1400 SPSA Workshop: Generalized Linear Regression Models for Social Scientists II Wednesday Program Chair's Panels/Program Chair's Panels (Online) 12:30pm-3:30pm Churchill A2 - 2nd Chair Floor Jeff Gill, American University 1400 SPSA Workshop: Analyzing the 2020 American Election II Wednesday Program Chair's Panels/Program Chair's Panels (Online) 12:30pm-3:30pm Churchill B1 - 2nd Chair Floor Harold Clarke, University of Texas at Dallas 1600 1600 SPSA Workshop: Defining and Working with Concepts in the Social Sciences I Wednesday -
Biographies BIOGRAPHIES 327
Biographies BIOGRAPHIES 327 ALDRICH, John Herbert Articles 1. “A method of scaling with applications to the 1968 and 1972 U.S. presidential elections.” American Political Born Science Review, 11(March):1977 (with Richard September 24, 1947, Pittsburgh, Pennsylvania, USA McKelvey). Current Position 2. “The dilemma of a paretian liberal: some consequences Pfizer-Pratt University Professor of Political Science, Duke of Sen’s theorem,” and “Liberal games: further thoughts University, Durham, North Carolina, 1997–. on social choice and game theory.” Public Choice, 30(Summer):1977. Degrees 3. “Electoral choice in 1972: a test of some theorems of B.A., Allegheny College, 1969; M.A., Ph.D., University of the spatial model of electoral competition.” Journal of Rochester, 1971, 1975. Mathematical Sociology, 5:1977. 4. “A dynamic model of presidential nomination Offices and Honors campaigns.” American Political Science Review, Co-Editor, American Journal of Political Science, 14(September):1980. 1985–1988 (with John L. Sullivan). 5. “A spatial model with party activists: implications for President, Southern Political Science Association, electoral dynamics,” and “rejoinder.” Public Choice, 1988–1989. 41:1983. Fellow, Center for Advanced Study in the Behavioral 6. “A downsian spatial model with party activism.” Sciences, 1989–1990. American Political Science Review, 17(December):1983. Fellow, Bellagio Center, 2002. 7. “Southern parties in state and nation.” Journal of Heinz Eulau Award (best article in the American Political Politics, August:2000. Science Review), 1990 (with Eugene Borgida and John L. 8. “Challenges to the American two-party system: Sullivan). evidence from the 1968, 1980, 1992, and 1996 presi- Gladys Kammerer Award (best book on U.S. -
Andrew P. Vance Memorial Writing Competition
Brooklyn Journal of International Law Volume 29 | Issue 2 Article 4 2004 Andrew P. Vance Memorial Writing Competition Winner Rational Irrationality: Why Playing the World Trade Organization as a Scapegoat Reduces the Social Costs of Armchair Economics Joseph Siprut Follow this and additional works at: https://brooklynworks.brooklaw.edu/bjil Recommended Citation Joseph Siprut, Andrew P. Vance Memorial Writing Competition Winner Rational Irrationality: Why Playing the World Trade Organization as a Scapegoat Reduces the Social Costs of Armchair Economics, 29 Brook. J. Int'l L. (2004). Available at: https://brooklynworks.brooklaw.edu/bjil/vol29/iss2/4 This Article is brought to you for free and open access by the Law Journals at BrooklynWorks. It has been accepted for inclusion in Brooklyn Journal of International Law by an authorized editor of BrooklynWorks. File: SpirutMacro2.5.04.doc Created on: 2/5/2004 5:28 PM Last Printed: 4/8/2004 1:39 PM RATIONAL IRRATIONALITY: WHY PLAYING THE WORLD TRADE ORGANIZATION AS A SCAPEGOAT REDUCES THE SOCIAL COSTS OF ARMCHAIR ECONOMICS Joseph Siprut∗ INTRODUCTION he World Trade Organization (“WTO”) may be one of the Tmost reviled institutions on the planet. If so, then this villainous role is one that the WTO should happily continue to play. This Article proposes a theoretical model of the political economy of international trade that conceives of the WTO as something more than a mere institution administering multi- lateral trade agreements. Like any regime of multilateral agreements premised on reciprocity, the WTO promotes free trade by mobilizing export interest groups to counteract the pressures of domestic producer interest groups, thereby making tariff reductions politically feasible. -
State Policy Guide
2013 STATE POLICY GUIDE ABOUT THE MERCATUS CENTER The Mercatus Center at George Mason University is the world’s premier university source for market-oriented ideas—bridging the gap between academic ideas and real-world problems. A university-based research center, Mercatus advances knowledge about how markets work to improve people’s lives by training graduate students, conducting research, and applying economics to offersolutions to society’s most pressing problems. Our mission is to generate knowledge and understanding of the institutions that affect the freedom to prosper and to find sustainable solutions that overcome the barriers preventing individuals from living free, prosperous, and peaceful lives. Founded in 1980, the Mercatus Center is located on George Mason University’s Arlington campus. www.mercatus.org The Mercatus State Policy Guide is intended to summarize and condense the best research available on the most relevant topics. It’s a starting point for discussion, not a comprehensive overview of economic policy. Each statement is supported by academic research, with links provided in the endnotes. Mercatus scholars are available to further explain the results of their studies. We hope the guide will prove to be a valuable tool in your economic policy research. MERCATUS CENTER AT GEORGE MASON UNIVERSITY HOW TO CONTROL SPENDING Research Findings Strict balanced budget requirements should prevent annual deficits and accumulated debt. • A strict balanced budget requirement (1) requires actual—as opposed to prospec- tive—balance, (2) prohibits a deficit to be carried over to the next year, and (3) has an independently elected authority evaluate the budget. • On average, states with strict balanced budget requirements spend less than other states—nearly $200 per capita per year.1 The item-reduction veto is an important tool for governors. -
Nine Lives of Neoliberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative -
Fairfaxfairfax Areasareas Ofof Burkeburke Petpet Connectionconnection
Inside ServingServing Inside FairfaxFairfax AreasAreas ofof BurkeBurke PetPet ConnectionConnection Swim Coach Brittany Henry of Fairfax facilitates a playdate between ferrets Steve and Skippy and Samson the dog. Follow on Twitter: @ffxconnection on Twitter: Follow Classified, Page 14 Classified, ❖ Sports, Page 12 ❖ Ferreting Entertainment, Page 9 for Fun Pet Connection, Pages 1-8 Express Lanes, Rapid-Bus Transit Planned for I-66 News, Page 3 Apartments, Retail Planned: Kamp Washington Triangle News, Page 10 Photo by Kim Henry www.ConnectionNewspapers.comJuly 24-30, 2014 online at www.connectionnewspapers.comFairfax Connection ❖ July 24-30, 2014 ❖ 1 Congratulations to all of the Outstanding Principals listed below. They have been rated highest by our memberships in those schools Fairfax County Federation of Teachers Teachers Care! ELEMENTARY SCHOOLS: MIDDLE SCHOOL: HIGH SCHOOLS: Bonnie Glazewski Penny Gros (Glascow) Teresa Johnson (Oak View) (Chantilly) Jesse Kraft Nardos King (Providence) (Mt. Vernon) Michael Macrina Michael Yohe (Island Creek) (Falls Church) Suzanne Montgomery Jeff Yost (Laurel Hill) (Woodson) Lindsay Trout (Terraset) THANK YOU TO ALL OF OUR MEMBERS WHO RETURNED THE SURVEY 2 ❖ Fairfax Connection ❖ July 24-30, 2014 www.ConnectionNewspapers.com Fairfax Connection Editor Kemal Kurspahic News 703-778-9414 or [email protected] Express Lanes, Transit Planned for I-66 toll on time of day and congestion. Improvements “I have been a longtime advo- cate for an ‘Express Lanes’ like so- will be made lution for I-66 which would open this corridor up to reliable time from Capital advantaged mass transit and carpooling, extend a growing net- Beltway to work of lanes dedicated to mass transit and carpools, and ease con- Haymarket. -
The Economic Situation, June 2019
POLICY BRIEF The Economic Situation, June 2019 Bruce Yandle June 2019 THE ECONOMY AT HALFTIME We are at the year’s midpoint, a good time to assess 2019’s first five months. In short, the US eco- nomic outlook is positive but with a heavy dose of uncertainty. The unemployment rate is low, wages are rising a bit, and GDP growth is hitting some strong marks, but US policy battles over trade, deficits, immigration, and foreign affairs offer heavy doses of uncertainty. We now know that GDP growth for 2018 fell from a quarterly high point of more than 4.0 percent in the second quarter, what some termed a Goldilocks economy, to 2.2 percent in the fourth quarter. Following a series of year-end shocks—government shutdown, interest rate increases, and accelerating trade disputes—what had been a fast growth economy was trembling. However, the first GDP growth estimate for 2019’s first quarter arrived showing a handsome 3.2 percent. But policy uncertainty raised its ugly head again when, in early May, US trade negotiations with China fell apart, equity markets swooned, and investors shifted from equities to cash. Later in May, weakness in industrial production and other national data led some forecasters to offer pale second-quarter GDP growth estimates. For example, retail sales fell in April, as did the Federal Reserve’s (Fed’s) industrial production index for the third time in recent months.1 Along with these weaker data came a pessimistic assessment of the outlook for the US freight market.2 These and other data led the New York Fed’s May 24th -
Regulation and the Marginalist Revolution
Florida Law Review Volume 71 Issue 2 Article 4 Regulation and the Marginalist Revolution Herbert Hovenkamp Follow this and additional works at: https://scholarship.law.ufl.edu/flr Part of the Antitrust and Trade Regulation Commons Recommended Citation Herbert Hovenkamp, Regulation and the Marginalist Revolution, 71 Fla. L. Rev. 455 (). Available at: https://scholarship.law.ufl.edu/flr/vol71/iss2/4 This Article is brought to you for free and open access by UF Law Scholarship Repository. It has been accepted for inclusion in Florida Law Review by an authorized editor of UF Law Scholarship Repository. For more information, please contact [email protected]. Hovenkamp: Regulation and the Marginalist Revolution REGULATION AND THE MARGINALIST REVOLUTION Herbert Hovenkamp* Abstract The marginalist revolution in economics became the foundation for the modern regulatory State with its “mixed” economy. For the classical political economists, value was a function of past averages. Marginalism substituted forward looking theories based on expectations about firm and market performance. Marginalism swept through university economics, and by 1920 or so virtually every academic economist was a marginalist. This Article considers the historical influence of marginalism on regulatory policy in the United States. My view is at odds with those who argue that marginalism saved capitalism by rationalizing it as a more defensible buttress against incipient socialism. While marginalism did permit economists and policy makers to strike a middle ground between laissez faire and socialism, the “middle ground” tilted very strongly toward public control. Ironically, regulation plus private ownership was able to go much further in the United States than socialism ever could because it preserved the rhetoric of capital as privately owned, even as it deprived firms of many of the most important indicia of ownership. -
Resource-Rational Analysis: Understanding Human Cognition As the Optimal Use of Cambridge.Org/Bbs Limited Computational Resources
Behavioral and Brain Sciences Resource-rational analysis: Understanding human cognition as the optimal use of cambridge.org/bbs limited computational resources a b Target Article Falk Lieder and Thomas L. Griffiths a b Cite this article: Lieder F, Griffiths TL. (2020) Max Planck Institute for Intelligent Systems, Tübingen 72076, Germany and Departments of Psychology and Resource-rational analysis: Understanding Computer Science, Princeton University, Princeton, New Jersey 08544, USA human cognition as the optimal use of limited [email protected] https://re.is.mpg.de computational resources. Behavioral and Brain [email protected] https://psych.princeton.edu/person/tom-griffiths Sciences 43,e1:1–60. doi:10.1017/ S0140525X1900061X Abstract Target Article Accepted: 18 January 2019 Modeling human cognition is challenging because there are infinitely many mechanisms that Target Article Manuscript Online: 4 February can generate any given observation. Some researchers address this by constraining the hypoth- 2019 Commentaries Accepted: 22 May 2019 esis space through assumptions about what the human mind can and cannot do, while others constrain it through principles of rationality and adaptation. Recent work in economics, psy- Keywords: chology, neuroscience, and linguistics has begun to integrate both approaches by augmenting bounded rationality; cognitive biases; rational models with cognitive constraints, incorporating rational principles into cognitive cognitive mechanisms; cognitive modeling; representations; resource rationality