Who is going to save us now? Bureaucrats, Politicians and Risky Tasks

Paul Raschky and Hannelore Weck-Hannemann

Working Papers from Faculty of Economics and Statistics, Universität Innsbruck

Abstract: The paper compares the policy choices regarding risk-transfer against low-probability-high-loss events between elected and appointed public officials. Empirical evidence using data on U.S. municipality-level shows that appointed city managers are more likely to adopt federal risk-transfer regimes. It is argued that the variation in the level of insurance activity emerges from the different incentive schemes each government form is facing. Controlling for spatial dependencies further shows that the participation decision in the insurance program significantly depends on the decision of neighboring communities.

Keywords: Politicians; bureaucrats; decision making under uncertainty; flood insurance; spatial econometrics (search for similar items in EconPapers)
JEL-codes: D72 D73 D81 Q54 (search for similar items in EconPapers)
Pages: 33
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Persistent link: https://EconPapers.repec.org/RePEc:inn:wpaper:2007-29

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