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This paper treats the market for special-interest campaign contributions and political "favors" as a simple asset market. The model yields a simple equilibrium relationship among three variables: the total amount of investor contributions a candidate receives, the monetary value of the favors he has promised, and his probability of winning. Using data on open-seat races for the U.S. House of Representatives, the author confronts the model with a series of tests. Despite the starkness of the model, the results of these tests are highly supportive. Copyright 1990 by University of Chicago Press.
James M. Snyder (Sat,) studied this question.