have a down-up characteristic. We show that voters cannot motivate politicians to invest in down-up policies by their …

When politicians have lower discount factors than voters, democratic elections cannot sufficiently motivate politicians … to undertake long-term socially beneficial projects. When politicians can offer incentive contracts which become … politicians’ time preferences. In the non-commitment case, incentive contracts may need to include a golden parachute clause …

A set of voters consults experts before voting over two alternatives. Experts observe private signals about the values …