Political Competition with Campaign Contributions and Informative Advertising
构建了一个理论模型，分析政策导向的政党通过竞选捐款资助信息性广告来影响选民认知，并探讨捐款限额如何将福利从普通公民重新分配给利益集团成员。
This paper presents a theory of political competition with campaign contributions and informative political advertising. Policy-motivated parties compete by selecting candidates and interest groups provide contributions to enhance the electoral prospects of like-minded candidates. Contributions are used to finance advertising campaigns that provide voters with information about candidates ’ ideologies. Voters update their beliefs rationally given the information they have received. The paper uses the theory to analyze the welfare economics of contribution limits. Such limits are shown to redistribute welfare from ordinary citizens to interest group members.