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Money Talks: Deterring Quality Challengers in Congressional Elections

Author

Listed:
  • Epstein, David
  • Zemsky, Peter

Abstract

We examine the role of incumbent fundraising in deterring strong challengers. We construct a signaling model in which incumbents can use fundraising strategically to ward off quality challengers. We show, however, that only under very limited circumstances will there be an observable relationship between fundraising and challenger quality. Therefore, previous empirical tests for deterrence have systematically underestimated the effects of fundraising in decreasing electoral competition. Our analysis also suggests that by making fundraising easily observable, Federal Election Commission regulations may encourage candidates to overinvest time and resources accumulating large war chests instead of governing.

Suggested Citation

  • Epstein, David & Zemsky, Peter, 1995. "Money Talks: Deterring Quality Challengers in Congressional Elections," American Political Science Review, Cambridge University Press, vol. 89(2), pages 295-308, June.
    • Handle: RePEc:cup:apsrev:v:89:y:1995:i:02:p:295-308_09
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    Citations

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    Cited by:

    1. 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).
    2. Brendan Daley & Erik Snowberg, 2007. "A MultiDimensional Signaling Model of Campaign Finance," Discussion Papers 06-027, Stanford Institute for Economic Policy Research.
    3. Potters, Jan & Sloof, Randolph & van Winden, Frans, 1997. "Campaign expenditures, contributions and direct endorsements: The strategic use of information and money to influence voter behavior," European Journal of Political Economy, Elsevier, vol. 13(1), pages 1-31, February.
    4. Thomas Stratmann, 2006. "Contribution limits and the effectiveness of campaign spending," Public Choice, Springer, vol. 129(3), pages 461-474, December.
    5. repec:spo:wpmain:info:hdl:2441/7rcgbs4v788terphdvb6a5e8t8 is not listed on IDEAS
    6. repec:spo:wpmain:info:hdl:2441/10lirmbd5p8h4ae52oi51b4cka is not listed on IDEAS
    7. Jay Goodliffe, 2005. "When Do War Chests Deter?," Journal of Theoretical Politics, , vol. 17(2), pages 249-277, April.
    8. Thomas Stratmann, 2003. "Tainted Money? Contribution Limits and the Effectiveness of Campaign Spending," CESifo Working Paper Series 1044, CESifo.
    9. Milyo, Jeffrey & Groseclose, Timothy, 1999. "The Electoral Effects of Incumbent Wealth," Journal of Law and Economics, University of Chicago Press, vol. 42(2), pages 699-722, October.
    10. Austen-Smith, David & Banks, Jeffrey S., 2002. "Costly signaling and cheap talk in models of political influence," European Journal of Political Economy, Elsevier, vol. 18(2), pages 263-280, June.
    11. Alexander, Dan, 2021. "Uncontested incumbents and incumbent upsets," Games and Economic Behavior, Elsevier, vol. 126(C), pages 163-185.
    12. Yasmine Bekkouche & Julia Cage, 2018. "The Price of a Vote: Evidence from France, 1993-2014," Working Papers Series 68, Institute for New Economic Thinking.
    13. 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).
    14. 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.
    15. Poire, Alejandro, 2006. "Elements for a Theory of Political Finance," Working Paper Series rwp06-014, Harvard University, John F. Kennedy School of Government.
    16. repec:spo:wpmain:info:hdl:2441/2ahul47tb09rvqfl9eelv7o5ca is not listed on IDEAS
    17. Yasmine Bekkouche & Julia Cage, 2018. "The Price of a Vote: Evidence from France, 1993-2014," Working Papers Series 68, Institute for New Economic Thinking.
    18. Thomas Stratmann, 2005. "Some talk: Money in politics. A (partial) review of the literature," Public Choice, Springer, vol. 124(1), pages 135-156, July.
    19. repec:spo:wpecon:info:hdl:2441/2ahul47tb09rvqfl9eelv7o5ca is not listed on IDEAS
    20. Herman Bakvis & Jennifer Smith, 1997. "Third-Party Advertising and Electoral Democracy: The Political Theory of the Alberta Court of Appeal in Somerville v. Canada (Attorney General) [1996]," Canadian Public Policy, University of Toronto Press, vol. 23(2), pages 164-178, June.
    21. Stratmann, Thomas, 2005. "Ballot access restrictions and candidate entry in elections," European Journal of Political Economy, Elsevier, vol. 21(1), pages 59-71, March.
    22. Alexander V. Hirsch & Jonathan P. Kastellec, 2022. "A theory of policy sabotage," Journal of Theoretical Politics, , vol. 34(2), pages 191-218, April.

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