Lockwood, Ben - 2015 - First version: 8 February 2015, This version: 7 June 2015
, we show that when voters have this bias, it decreases pandering by the incumbent, and can raise voter welfare as a … probability before the election (Maskin and Tirole's "feedback" case). In the three-period case, with two elections, the dynamic … political agency setting. In the baseline two-period case where only the politician's actions are observable before the election …