When Misinformation Increases with Experience

[Doug Millison]

http://www.democ.uci.edu/democ/papers/glazer3.htm

Optimal Term Length When Misinformation Increases with Experience 
Amihai Glazer 
University of California, Irvine
CSD01-03 Copyright 2001, Amihai Glazer 

Abstract
Consider a politician or policymaker who collects information over time, but
who imperfectly processes that information, by equally weighting old and new
information. If the state of nature changes over time, then the official's
performance may worsen with experience, and officials should be regularly
replaced.