Political Equilibrium with Private or/and Public Campaign Finance: A Comparison of Institutions
AbstractWe propose a theory of party competition (two parties, single-issue) where citizens acquire party membership by contributing money to a party, and where a member's influence on the policy taken by her party is proportional to her campaign contribution. The polity consists of informed and uninformed voters: Only informed voters join parties, and the party campaign chest, the sum of its received contributions, is used to advertise and reach uninformed voters. Parties compete with each other strategically with respect to policy choice and advertising. We propose a definition of political equilibrium, in which party membership, citizen contributions, and parties' policies are simultaneously determined, for each of four financing institutions, running a gamut between a purely private, unconstrained system, to a public system in which all citizens have equal financial input. We compare the representation and welfare properties of these four institutions.
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Bibliographic InfoPaper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm349.
Date of creation: 28 Jul 2004
Date of revision:
Political Equilibrium; Campaign Finance; Representation;
Other versions of this item:
- John E. Roemer, 2003. "Political Equilibrium With Private or/and Public Campaign Finance: A Comparison Of Institutions," Cowles Foundation Discussion Papers 1409, Cowles Foundation for Research in Economics, Yale University.
- John Roemer, 2003. "Political equilibrium with private or / and public campaign finance : A comparison of institutions," Working Papers hal-00242958, HAL.
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
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- Christoph Vanberg, 2005.
""One Man, One Dollar"? Examining the equalization argument in support of campaign contribution limits,"
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- Benjamin Bishin & Jay Dow & James Adams, 2006. "Does democracy “suffer” from diversity? Issue representation and diversity in senate elections," Public Choice, Springer, vol. 129(1), pages 201-215, October.
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