Side Effects of Campaign Finance Reform
假设竞选捐款能影响政治决策，同时游说团体也提供政策信息。模型显示，竞选资金改革可能抑制信息游说，导致决策效率下降。
Because campaign finance reform is usually motivated by the concern that existing legislation cannot effectively prevent campaign contributions to “buy favors,” this article assumes that contributions influence political decisions. But, given that it is also widely recognized that interest groups achieve influence by providing political decision makers with policy relevant information, we also assume that lobbies engage in non-negligible informational lobbying. We focus on a single political decision to be taken and offer a simple model in which the optimal influence strategy is a mixture of both lobbying instruments. Our main result is to show that campaign finance reform may have important side effects: It may deter informational lobbying so that less policy relevant information is available and as a result political decisions become less efficient.