Endogeneity Problem on Economic Approach Voting

Endogeneity Problem on Economic Approach Voting
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Endogeneity Problem on Economic Approach Voting
Introduction
Every time electorates line up to go and vote, they are always driven and pushed by some elements that inform their choices on their preferred candidates for various positions. Studies have also shown that there is no single way of determining how and why individuals make their voting decisions. However, experts have established several theories to try and explain the different voting behaviors of individuals. One such theory is the economic theory, which despite being established in 1970, its effects on voting were felt from as early as the 1930s. The economic theory does focus on electorate self-interests through the principle of calculations that allows voters to weigh on the candidate whose leadership is more likely to benefits them at personal levels. This approach, however, does have several variables that affect voters differently. This paper explores why and how Endogeneity is a problem for the economic approach to voting behavior among electorates.
Why Endogeneity is a problem for Economic Approach to Voting
With so many variables to look at before deciding on how to vote, voters are usually left in a dilemma on whether to stick on a single element alone when vetting the preferred candidate or whether to incorporate other variables such as candidate’s party, political experience, political ideologies among several other factors. For instance, a candidate might express the qualities of a good economist, hence showing substantial prospects of reviving a country's economy on the one hand. On the other hand, the same candidate might have zero or little qualities regarding security policies. With such differences, an electorate economic approach towards voting is most likely going to be influenced. As a result, the voter might decide to change his or her preference and vote for an alternative candidate who might not be having the best economic qualities but better security policies. This way, the candidates’ traits and the voter's self-interests form part of the variable that informs the voter's decision.
The other reason why Endogeneity is a problem for the economic approach to electorate voting behavior is that different voters come from diverse backgrounds, and there is no universal way of determining common values across diverse backgrounds. This is to say that one set of people might value certain traits while another group might fail to find any significance in the same traits. For instance, one group might value infrastructure, while the other might value industrialization as the most preferred economic development. With the differentiation on what different groupings prioritize or expect from the candidates, a problem arises. That is how the two opposing groups inform the differentiation of preferred candidates. Therefore, such occurrences form a perfect example of how the availability of several dependent variables is likely to influence the electorate economic approach, which eventually affects their voting behaviors.
How Endogeneiity Affects Economic Approach to Voting Behaviour
As alluded to earlier in the previous section, electorates come from diverse ...