Political Careers or Career Politicians?
---- Acknowledgements ----
We are particularly indebted to Steve Coate whose detailed suggestions on a previous version of this paper inspired this revision. We also thank seminar and conference participants at several institutions, Federico Echenique, Leonardo Felli, and Preston McAfee for their useful comments. Financial support from National Science Foundation grant SES-0617901 is gratefully acknowledged. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.