Is There a Relationship between Election Outcomes and Perceptions of Personal Economic Well-Being? A Test Using Post-Election Economic Expectations

Do individuals believe that an election victory by their favored candidate will improve their personal economic well-being? Previous work has either adopted an approach that is not well suited to determining this relationship, or ignored this question to focus on perceptions of macroeconomic conditions. In this paper we adopt a new approach that allows us to determine the relationship individuals perceive between elections and personal economic welfare, examining the relationship between vote choice, the election outcome, and post-election expectations for personal economic well-being. We find that economic individualism plays an important role in shaping the relationship individuals perceive between election outcomes and their personal economic well-being. Individuals who reject economic individualism do perceive a relationship, with those viewing an election outcome as favorable more optimistic in their expectations for personal economic well-being than those who view the election outcome as unfavorable. Conversely, election outcomes do not influence the expectations of economic individualists. Thanks to Sean Gailmard, William Keech, John Patty, Kevin Quinn, Christina Fong, Jesse James DuPree, and seminar participants at Carnegie Mellon University for helpful comments, suggestions, and motivation. Thanks also to Jason Dana and Andrea Haupt for research assistance. Is there a relationship between election outcomes and perceptions of personal economic well-being? A test using post-election economic expectations Abstract Do individuals believe that an election victory by their favored candidate will improve their personal economic well-being? Previous work has either adopted an approach that is not well suited to determining this relationship, or ignored this question to focus on perceptions of macroeconomic conditions. In this paper we adopt a new approach that allows us to determine the relationship individuals perceive between elections and personal economic welfare, examining the relationship between vote choice, the election outcome, and post-election expectations for personal economic well-being. We find that economic individualism plays an important role in shaping the relationship individuals perceive between election outcomes and their personal economic well-being. Individuals who reject economic individualism do perceive a relationship, with those viewing an election outcome as favorable more optimistic in their expectations for personal economic well-being than those who view the election outcome as unfavorable. Conversely, election outcomes do not influence the expectations of economic individualists.Do individuals believe that an election victory by their favored candidate will improve their personal economic well-being? Previous work has either adopted an approach that is not well suited to determining this relationship, or ignored this question to focus on perceptions of macroeconomic conditions. In this paper we adopt a new approach that allows us to determine the relationship individuals perceive between elections and personal economic welfare, examining the relationship between vote choice, the election outcome, and post-election expectations for personal economic well-being. We find that economic individualism plays an important role in shaping the relationship individuals perceive between election outcomes and their personal economic well-being. Individuals who reject economic individualism do perceive a relationship, with those viewing an election outcome as favorable more optimistic in their expectations for personal economic well-being than those who view the election outcome as unfavorable. Conversely, election outcomes do not influence the expectations of economic individualists.