This paper analyzes how political accountability a¤ects the incentives of policy makers to learn through experimentation with new policies. It shows that when voters face an inference problem on the competence level of policy makers, reelection concerns reduce experimentation incentives to the bene…t of the status quo. Whether experimentation in representative democracies is suboptimally low, depends on society's degree of risk aversion relative to that of the decision maker. If the level of experimentation is suboptimal, taking decisions by direct democracy, or electing risk-loving politicians, could improve welfare. Interestingly, risk-lovers also seem to be overrepresented among Presidents of various countries.