摘要：Periodic elections are the main instrument through which voters can hold
politicians accountable. From this perspective term limits, which restrict
voters’ ability to reward politicians with re-election, appear
counterproductive. We show that despite the disciplining effect of elections,
term limits can be ex ante welfare improving from the perspective of voters. By
reducing the value of holding office term limits can induce politicians to
implement policies that are closer to their private preferences. Such “truthful”
behavior by incumbents in turn results in better screening of incumbents. We
show that the combination of these two effects can strictly increase the utility
of voters.
