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| Author: | Besley, T. |
| Title: | Paying politicians: theory and evidence |
| Journal: | Journal of the European Economic Association
2004 : APR-MAY, VOL. 2:2-3, p. 193-215 |
| Index terms: | adverse selection agency theory moral hazard pay politics |
| Language: | eng |
| Abstract: | This article looks at the theory behind the idea that paying politicians better will improve their performance. Political agency model with adverse selection and moral hazard where politicians are subject to two-period term limits is laid out. The model provides several predictions about how the pay of politicians affects agency problems. It is also considered, what happens when the pool of politicians is endogenous. |
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