Retrospective Voting Reconsidered

We review advances in the study of retrospective voting, or how citizens evaluate and act on their perceptions of government performance. As a whole, the recent literature provides a more complete and nuanced picture of the retrospective voter as sometimes, but not always, effectively incentivizing elected officials to enhance public welfare. Leveraging examples of retrospective voting in areas other than the economy, the field is heading toward a middle ground in which voters resemble decision makers in many other domains. In many cases, a coherent logic governs voters' choices. In other instances, voters make mistakes, often in predictable ways subject to well-known psychological biases. Understanding the…