A Political Economy Model of Congressional Careers
量化美国国会职业生涯的回报，通过动态模型评估连任概率、经验对公私部门工资的影响，并分析加薪或任期限制对政治家职业决策的作用。
Our main goal is to quantify the returns to a career in the United States Congress. We specify a dynamic model of career decisions of a member of Congress andestimate this model using a newly collected dataset. Given estimates of the structural model, we assess reelection probabilities, estimate the effect of congressional experience on private and public sector wages, and quantify the value of a congressional seat. Moreover, we assess how an increase in the congressional wage or the imposition of term limits would affect the career decisions of politicians and the returns from a career in Congress.