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Public Policy InvestmentPriority-Setting and Conditional Representation In British Statecraft$
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Anthony Bertelli and Peter John

Print publication date: 2013

Print ISBN-13: 9780199663972

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199663972.001.0001

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Valuing Public Policies

Valuing Public Policies

Chapter:
(p.69) 5 Valuing Public Policies
Source:
Public Policy Investment
Author(s):

Anthony M. Bertelli

Peter John

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199663972.003.0005

The theoretical mechanism by which the public attributes value to the attention of politicians to public policy topics is the subject of this chapter. Drawing on asset pricing theory from the economics of finance, we provide the theoretical means by which policy capital takes on value for voters. Central to the approach is the responsiveness of public valuations to innovations in competence factors, which impact the value of all policy priorities in different ways. Given pricing information, politicians can select and rebalance the attention they allocate in party manifestos. Once in office, parties can rebalance their policy portfolios through the Speech from the Throne. Vital to the estimation strategy we elaborate in the next chapter are levels of risk and price signal uncertainty that policy portfolios incorporate.

Keywords:   arbitrage pricing theory, price signal, competence factor, policy portfolio, risk, price signal uncertainty

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