NBER WORKING PAPER SERIESPRIVATE RETURNS TO PUBLIC OFFICERaymond FismanFlorian SchulzVikrant VigWorking Paper 18095http://www.nber.org/papers/w18095NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138May 2012
We would like to thank Patrick Bolton, Ben Olken and seminar participants at the LSE-UCL development
workshop, Columbia and Warwick University. In addition, Vikrant Vig would like to thank the RAMD
research grant at the London Business School for their generous support. Kyle Matoba and Jane Zhao
provided excellent research assistance. The views expressed herein are those of the authors and do
not necessarily reflect the views of the National Bureau of Economic Research.
NBER working papers are circulated for discussion and comment purposes. They have not been peer-
reviewed or been subject to the review by the NBER Board of Directors that accompanies official
© 2012 by Raymond Fisman, Florian Schulz, and Vikrant Vig. All rights reserved. Short sections
of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full
credit, including © notice, is given to the source.