The Price of a Vote: Evidence from France, 1993-2014

摘要: What is the price of a vote? This paper investigates this consequential controversy by analyzing new comprehensive dataset all French municipal and legislative elections over 1993-2014 period. We begin documenting evolution campaign finance in France, show that both amount sources contributions vary widely from one candidate to another, particular depending on their political party. then turn empirical analysis tackle number challenges. First, we rely recent methodological innovations handle special characteristics multiparty data. Second, overcome endogenous nature spending, propose instrument based change legislation. find an increase spending per voter consistently increases candidate’s vote share for elections, effect heterogeneous parties funding. According our estimations, about 6 euros 32 ones. Simulations small changes patterns caps can have large impact electoral outcomes seats. Our results suggest needs be tightly regulated.