"We analyze a model in which voters are uncertain about the policy preferences of candidates. Two forces affect the probability of electoral success: proximity to the median voter and campaign contributions. First, we show how campaign contributions affect elections. Then we show how the...

"This paper presents a theory of competition for political leadership between incumbent leaders and their challengers in which the possible equilibrium political market structures range from pure monopoly (unchallenged dictatorship) to perfectly competitive (ideal democracy). Leaders are...

"We experimentally study the effect of alternative campaign finance systems - as characterized by different information structure about donors - on donations, election outcomes, political candidates' policy choices, and welfare. Three alternative campaign finance systems are considered: a full...