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 …

voters' capacity to identify and empower well-suited politicians. In our model, candidates are heterogeneous in two … concentration of power in the hands of the election winner is optimal if and only if the conflict of interest is small. …

In their pursuit of being elected, politicians might not provide their constituents with independent viewpoints, but …, "candor", can be sustained as equilibria. This means that the public's trust or distrust in politicians may be self …-fulfilling prophecies. Importantly, the more informed politicians are about public opinion, the more likely it is that populist behavior can …