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The Economics of Political Campaign Finance: FECA and the Puzzle of the Not Very Greedy Grandfathers

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  • Milyo, Jeffrey

Abstract

This paper introduces a structural model of campaign finance which permits estimation of the marginal costs of raising money as well as the marginal benefits of spending and saving money. The model is estimated for the 1986 through 1990 election cycles; the results demonstrate that the probability of retirement hinders an incumbent's ability to raise money and that incumbents willingly trade off electoral security for financial gain. Copyright 1997 by Kluwer Academic Publishers

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  • Milyo, Jeffrey, 1997. "The Economics of Political Campaign Finance: FECA and the Puzzle of the Not Very Greedy Grandfathers," Public Choice, Springer, vol. 93(3-4), pages 245-270, December.
  • Handle: RePEc:kap:pubcho:v:93:y:1997:i:3-4:p:245-70
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    1. repec:cup:apsrev:v:84:y:1990:i:01:p:149-163_19 is not listed on IDEAS
    2. Nirvikar Singh & Donald Wittman, 2001. "Contests where there is variation in the marginal productivity of effort," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 18(3), pages 711-744.
    3. Coker, David C & Crain, W Mark, 1994. "Legislative Committees as Loyalty-Generating Institutions," Public Choice, Springer, vol. 81(3-4), pages 195-221, December.
    4. Arye L. Hillman & John G. Riley, 1989. "Politically Contestable Rents And Transfers," Economics and Politics, Wiley Blackwell, vol. 1(1), pages 17-39, March.
    5. repec:cup:apsrev:v:80:y:1986:i:01:p:89-106_18 is not listed on IDEAS
    6. Brian Roberson, 2006. "The Colonel Blotto game," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(1), pages 1-24, September.
    7. Glazer, Amihai & Hassin, Refael, 1988. "Optimal Contests," Economic Inquiry, Western Economic Association International, vol. 26(1), pages 133-143, January.
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    Cited by:

    1. Amihai Glazer & Mark Gradstein, 2005. "Elections with contribution-maximizing candidates," Public Choice, Springer, vol. 122(3), pages 467-482, March.
    2. John Lott, 2006. "Campaign finance reform and electoral competition," Public Choice, Springer, vol. 129(3), pages 263-300, December.
    3. James E. Anderson & Thomas J. Prusa, 2001. "Political Market Structure," NBER Working Papers 8371, National Bureau of Economic Research, Inc.
    4. Thomas Stratmann, 2006. "Contribution limits and the effectiveness of campaign spending," Public Choice, Springer, vol. 129(3), pages 461-474, December.
    5. Jeffrey Milyo, 1998. "The Electoral Effects of Campaign Spending in House Elections: A Natural Experiment Approach," Discussion Papers Series, Department of Economics, Tufts University 9806, Department of Economics, Tufts University.
    6. Thomas Stratmann & Francisco J. & Aparicio-Castillo, 2006. "Competition policy for elections: Do campaign contribution limits matter?," Public Choice, Springer, vol. 127(1), pages 177-206, April.

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