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"One Man, One Dollar"? Campaign contribution limits, equal influence, and political communication

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  • Vanberg, Christoph

Abstract

Arguably the most important campaign finance regulations in U.S. federal elections are limits imposed on individual campaign contributions. One of the principal arguments in support of these contribution limits has been that they equalize the influence of individual donors and thereby cause candidates' aggregate financial resources to more accurately reflect public support. I construct a formal model to evaluate this argument. The analysis shows that a necessary condition for it to apply is that a candidate's reliance on large contributions is negatively related to voter-preferred characteristics which cannot be credibly revealed through campaign advertisements. Using data on elections to the House of Representatives between 1992 and 2000, I find no evidence that such a relationship exists. This result casts doubt on the equalization argument in support of campaign contribution limits.

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  • Vanberg, Christoph, 2008. ""One Man, One Dollar"? Campaign contribution limits, equal influence, and political communication," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 514-531, April.
    • Handle: RePEc:eee:pubeco:v:92:y:2008:i:3-4:p:514-531
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    2. Hans Gersbach, 2014. "Campaigns, political mobility, and communication," Public Choice, Springer, vol. 161(1), pages 31-49, October.
    3. Julia Cage & Yasmine Bekkouche, 2018. "The Price of a Vote: Evidence from France, 1993-2014," SciencePo Working papers Main hal-03393149, HAL.
    4. repec:spo:wpmain:info:hdl:2441/7rcgbs4v788terphdvb6a5e8t8 is not listed on IDEAS
    5. Bekkouche, Yasmine & Cagé, Julia & Dewitte, Edgard, 2022. "The heterogeneous price of a vote: Evidence from multiparty systems, 1993–2017," Journal of Public Economics, Elsevier, vol. 206(C).
    6. Yasmine Bekkouche & Julia Cage, 2019. "The Heterogeneous Price of a Vote: Evidence from France, 1993-2014," SciencePo Working papers Main hal-03393084, HAL.
    7. Julia Cage & Yasmine Bekkouche, 2018. "The Price of a Vote: Evidence from France, 1993-2014," Working Papers hal-03393149, HAL.
    8. Cagé, Julia & Bekkouche, Yasmine, 2018. "The Heterogeneous Price of a Vote: Evidence from France, 1993-2014," CEPR Discussion Papers 12614, C.E.P.R. Discussion Papers.
    9. Fergusson, Leopoldo, 2014. "Media markets, special interests, and voters," Journal of Public Economics, Elsevier, vol. 109(C), pages 13-26.
    10. repec:spo:wpecon:info:hdl:2441/2ahul47tb09rvqfl9eelv7o5ca is not listed on IDEAS
    11. Bekkouche, Yasmine & Cagé, Julia & Dewitte, Edgard, 2022. "The heterogeneous price of a vote: Evidence from multiparty systems, 1993–2017," Journal of Public Economics, Elsevier, vol. 206(C).
    12. Schnakenberg, Keith & Turner, Ian R, 2023. "Formal Theories of Special Interest Influence," SocArXiv 47e26, Center for Open Science.
    13. repec:hal:spmain:info:hdl:2441/7rcgbs4v788terphdvb6a5e8t8 is not listed on IDEAS
    14. repec:spo:wpmain:info:hdl:2441/2ahul47tb09rvqfl9eelv7o5ca is not listed on IDEAS
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    18. Yasmine Bekkouche & Julia Cage, 2018. "The Price of a Vote: Evidence from France, 1993-2014," Working Papers Series 68, Institute for New Economic Thinking.
    19. Yasmine Bekkouche & Julia Cage & Edgard Dewitte, 2022. "The Heterogeneous Price of a Vote: Evidence from Multiparty Systems, 1993-2017," SciencePo Working papers Main hal-03389172, HAL.

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