Leadership and pandering: A theory of executive policymaking

We develop an informational theory that analyzes conditions under which a r eelection-seeking executive will act in the public interest. The theory con siders factors such as executive competence, challenger quality. and the li kelihood that voters will learn the consequences of policy decisions before an upcoming election. We find that an executive who has information sugges ting that a popular policy is contrary to voters' interests may or may not pander to voters by choosing it under certain conditions, the executive can actually increase his probability of reelection by choosing an unpopular p olicy that is in the public interest. However, we also show that an executi ve will sometimes face electoral incentives to enact a policy that is both unpopular and contrary to voters' interests. Our theory is illustrated with examples involving President Abraham Lincoln, California Governor Earl War ren, and President Gerald Ford.