This paper explores the proposition that political parties reduce the transaction costs of electoral participation. Political parties provide a low cost signal of a candidate's policies and personal characteristics and, in this way, reduce voters' information costs. With reference to...

This paper considers a measure of the “publicness” of goods and services implicit in responses that individuals make when asked about public sector spending. At the limit, all consumers consume equal amounts of a public good. Thus any differences between an individual's self-interest...

This paper analyzes the electorate's voting intentions with respect to the Labour and Conservative parties in Great Britain. Almost all policy issues are found to be endogenous, i.e., to be influenced by party choice within a simultaneous relationship. Socioeconomic factors that influence choice...

This paper explores the proposition that political parties reduce the ‘transaction costs’ of electoral participation. Political parties provide a low cost signal of a candidate's policies and personal characteristics and, in this way, reduce voters' information costs. With reference to...

This paper presents a new test for rational expectations. This is done within the context of public concern, or aversion, over inflation and unemployment. It is found that inflation aversion Granger causes inflation but unemployment aversion does not Granger cause unemployment. This implies both...