Politicians may pander to public opinion and may renounce undertaking beneficial long-term projects. To alleviate this problem, we introduce a triple mechanism involving political information markets, reelection threshold contracts, and democratic elections. An information market is used to...

We introduce a framework of electoral competition in which voters have general preferences over candidates' characteristics and policies. Candidates' immutable characteristics (such as gender, race or previously committed policy positions) are exogenously differentiated, while candidates can...

Direct democracy is extraordinarily popular and has become a pervasive policymaking tool at the state and local level. Repeated surveys have demonstrated that Americans strongly approve of allowing people to vote on citizen-proposed laws, a method currently allowed in about half of all states...