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An Economic Theory of Referendum Voting: School Construction and Stock Adjustment

Author

Listed:
  • John L. Mikesell

    (Indiana University)

  • John P. Blair

    (West Virginia University)

Abstract

Local public project referenda provide the voter a unique opportunity to shape public activity. Prior studies of these votes fail to develop a behavioral model of this choice, usually relying on ad hoc explanations of variables that, for one reason or another, contribute to forecasts of referendum results. Our paper outlines a stock adjustment model of school bond referenda and tests this model using data from a set of school elections in West Virginia. The unique features of our model are treatment of the bond voting decision as an input decision and, hence, as involving derived demand; analysis of the bond referendum as a stock adjustment decision; and concentration on voting as a decision between discrete, mutually exclusive options.

Suggested Citation

  • John L. Mikesell & John P. Blair, 1974. "An Economic Theory of Referendum Voting: School Construction and Stock Adjustment," Public Finance Review, , vol. 2(4), pages 395-410, October.
  • Handle: RePEc:sae:pubfin:v:2:y:1974:i:4:p:395-410
    DOI: 10.1177/109114217400200401
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    References listed on IDEAS

    as
    1. Richard Raymond, 1968. "Determinants of the Quality of Primary and Secondary Public Education in West Virginia," Journal of Human Resources, University of Wisconsin Press, vol. 3(4), pages 450-470.
    2. Norman Plotkin, 1972. "A social choice model of the California feather river project," Public Choice, Springer, vol. 12(1), pages 69-87, March.
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