Ian Gregory-Smith, Steve Thompson, Peter Wright, 24 March 2014

In 2003, the UK adopted a ‘say on pay’ policy, whereby quoted companies’ executive compensation offers have to be put to a shareholder vote. This column presents evidence that this policy has had a relatively modest impact on executive pay. A 10% increase in compensation is associated with an increase in shareholder dissent against the proposal of just 0.2%. However, remuneration committees representing the more highly rewarded CEOs are quite sensitive to dissent, provided it exceeds a critical threshold of about 10%. Shareholders do not appear more anxious about pay since the crisis.

Poonam Gupta, Arvind Panagariya, 17 March 2014

Do voters care about economic outcomes? Evidence on this question, especially in the context of developing countries, is rather scant. This column reports the findings from analysis of the 2009 parliamentary elections in India. Voters favoured parties that delivered high growth in their states and rejected those that did not. The authors also find that voters preferred candidates who had served in the parliament before, were wealthy, educated, and affiliated with a large party.

Stefano DellaVigna, John List, Ulrike Malmendier, Gautam Rao, 05 March 2014

The question of why people vote has intrigued social scientists for decades. This column discusses a model of voting due to social image motivations and presents empirical tests based on it. In this model, an individual would be motivated to vote because of an anticipation of being asked after the election. The results of a conducted field experiment suggest that the anticipation of being asked provides a large motivation to vote. In fact, the motivation is as large as being paid $5-15 to vote. Applying this methodology to other elections would provide more rigorous evidence about the validity of the proposed model.

Laurent Bouton, Paola Conconi, Francisco Pino, Maurizio Zanardi, 06 October 2017

Despite support from around 90% of US citizens, expanded background checks for gun purchases failed in the US Senate. This ‘gun-control paradox’ can be explained by the fact that the intensity of voters’ preferences differs across policy issues, and voters only have one vote with which to hold politicians accountable on a bundle of issues. A model incorporating these features predicts Senate voting behaviour very well. Senators closer to re-election are more likely to vote pro-gun, and only Democrats ‘flip-flop’ on guns.

Federica Liberini, Eugenio Proto, Michela Redoano, 15 November 2013

Retrospective voting – voting for incumbents if one’s situation has improved under the politician’s watch – is a well-established pattern. This column shows that this pattern also applies when ‘improvement’ is measured by a subjective measure of well-being. Among the stark results discussed is the finding that newly widowed women are 10% less likely to be pro-incumbent than the control group.

Nicolas Boccard, 02 April 2013

During the 2013 papal conclave the Catholic church has been criticised for failing to give an adequate voice to the global south, which now garners a majority of Catholics. This column applies concepts from voting theory to inquire whether the south and the north are equal in the eye of the church. It suggests that the south is indeed underrepresented. In a fair world, Mexico and the Philippines should each get seven more cardinals. Italy should get 23 fewer.

John Gibson, 02 November 2012

Even before the turmoil of Hurricane Sandy, many Americans were considering not bothering to register a vote for their next president. By looking at the costs and benefits of voting, this column argues that not voting may actually be the rational choice.

Giovanni Facchini, Max Steinhardt, 21 March 2011

Which legislators are more likely to vote for more liberal immigration policies for unskilled workers? The authors of CEPR DP8299 develop and empirically test a model which correlates the skill composition of constituent voters with their legislator's voting record on migration policy. The DP finds that representatives from districts with more high-skilled workers consistently vote for more expansive unskilled immigration policies.

Daniel Gros, 16 June 2008

Incentives are extremely misaligned when a small-nation electorate can punish ‘Brussels’ and its own political class at little or no cost. Ireland represents 1% of the EU, so 99% of the cost of the ‘no’ falls on other members. This column proposes a radical solution – the other EU members should propose to leave the old EU and create a new one with the Lisbon Treaty as its founding document. The Irish would then have to decide whether they’re in or out.

Andrew Gelman, David Park, Boris Shor, Jeronimo Cortina, 21 April 2008

Barack Obama attracted attention recently by describing small-town Americans who were “bitter” at economic prospects who “cling to guns or religion’’ in frustration. But an opposite view, 'post-materialism', suggests that, as people and societies get richer, their concerns shift from mundane bread-and-butter issues to cultural and spiritual concerns.

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