An Economic Theory of Referendum Voting: School Construction and Stock Adjustment

John Mikesell and John P. Blair
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John P. Blair: West Virginia University

Public Finance Review, 1974, vol. 2, issue 4, 395-410

Abstract: Local public project referenda provide the voter a unique opportunity to shape public activity. Prior studies of these votes fail to develop a behavioral model of this choice, usually relying on ad hoc explanations of variables that, for one reason or another, contribute to forecasts of referendum results. Our paper outlines a stock adjustment model of school bond referenda and tests this model using data from a set of school elections in West Virginia. The unique features of our model are treatment of the bond voting decision as an input decision and, hence, as involving derived demand; analysis of the bond referendum as a stock adjustment decision; and concentration on voting as a decision between discrete, mutually exclusive options.

Date: 1974
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:2:y:1974:i:4:p:395-410

DOI: 10.1177/109114217400200401

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