Political campaigns are usually seen either as a way of passing information about candidates' intended policies to the voters or as a political liability of the candidates towards the interest groups that finance them. We provide a different interpretation of political campaigns using a...

In their pursuit of being elected, politicians might not provide their constituents with independent viewpoints, but just try to outguess popular opinion. Although rational voters see through such populism, candidates can not resist resorting to it when the spoils of office are too large. For an...