Behavior models of the participants in the political market

Vladimir Peovski ()
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Vladimir Peovski: Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2016, vol. 13, issue 1, 217-246

Abstract: The article examines behaviors of the key actors in the political relations. The main analytical tool used is the base model of behavioral economists – homo economicus. The presentation of the behavioral patterns of voters (unorganized and organized interest groups), politicians and bureaucrats aims to prove that differences in the behavior of economic and political actors is determined not by their different motives, but the specifics of institutional constraints they face in these two spheres of social life. Political relations, like the economic ones, are structured by a system of rules, contracts and transactions in order to ensure that the plans of all individuals and entities match the available resources. In the real world alternative to the private market is the political market, which also fails to solve the problem of scarcity on public level when it is evaluated based on idealized performance criteria (Pareto-efficiency).

Keywords: Homo economicus; political market (politics as exchange); free-rider problem; asymmetric information; transaction cost; log-rolling; rent seeking. (search for similar items in EconPapers)
Date: 2016
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