Choosing a President: Does Character Matter?
Abstract
Campaigns for political office often center on the "character" of the candidates. Moral issues aside, there is one aspect of a candidate's character that voters clearly should care about: attitude toward risk. If there is a linkage between the candidate's attitudes toward risk in the private domain and in the public domain then (this aspect of) the candidate's character provides important information about (future) policymaking decisions. This paper formalizes this issue and identifies such linkage. The strength of the link depends on the amount the voter observes/infers and on the degree of rationality the voter ascribes to the candidate. (JEL Classification Numbers: D72, D81.) * The results reported here were previously distributed in a paper titled "Choosing a President: Does Character Matter?" We thank Chris Chambers for pointing out an error in our thinking and Robert Powell for detailed comments and suggestions. We are also grateful to
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