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Journal Article

Political Competition with Campaign Contributions and Informative Advertising

Stephen Coate
Journal of the European Economic Association
Vol. 2, No. 5 (Sep., 2004), pp. 772-804
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/40005071
Page Count: 33
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Political Competition with Campaign Contributions and Informative Advertising
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Abstract

This paper presents a theory of political competition with campaign contributions and informative political advertising. Policy-motivated parties compete by selecting candidates and interest groups provide contributions to enhance the electoral prospects of like-minded candidates. Contributions are used to finance advertising campaigns that provide voters with information about candidates' ideologies. Voters update their beliefs rationally given the information they have received. The paper uses the theory to analyze the welfare economics of contribution limits. Such limits are shown to redistribute welfare from ordinary citizens to members of interest groups.

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