A comparison of prospective and retrospective voting with heterogeneous politicians

Abstract

A long-standing empirical literature has been concerned with determining whether voters vote “prospectively or “retrospectively.” Despite this interest, little is known about the consequences of one voting regime versus another. This study addresses this deficiency. We find that voter welfare can be greatly affected by the candidate selection technique employed by voters. Among other findings, we show that “electing the best candidate” does not always maximize voter welfare. Furthermore, “myopic” voting is sometimes superior to “farsighted” voting. These findings have implications for interpretations of empirical studies of voter behavior.