Legislative profits and the economic theory of representative voting: An empirical investigation

Abstract

The statistical findings of this study support the economic theory of representative voting. In general, producer and consumer groups influence representative voting behavior as expected. The findings suggest that legislators act “rationally” when confronted by competing lobbying groups. The consistently positive and highly significant influence of MSB share which serves to measure MSB influencerelative to the other bank groups indicates that legislators appear to consider opportunity costs in their decision-making calculus.