Re: UN 95% certain that climate change is caused by humans
Posted: Sun Jan 26, 2014 4:15 pm
That's about ads. We're talking about money going into politicians' bank accounts.Metsfanmax wrote:For a contrary perspective, see Freakonomics:thegreekdog wrote:Obviously I disagree. I think recent history has given enough proof that campaign dollars do not wash out against each other.Metsfanmax wrote:Given the stakes of most Congressional races today, Large Company doesn't have the ability to single-handedly determine the outcome of an election. To some extent, I have to imagine that all those campaign dollars wash out against each other.
The misperception that political spending drives electoral outcomes is reinforced every campaign season by sensational media coverage, post-election debriefs from losing candidates and the exaggerated rhetoric of professional reform advocates. And this first presidential election cycle post-Citizens United promises to bolster that errant view as sanctimonious posturing by pundits on the evils of money in politics will likely crescendo to a spectacle rivaling only a North Korean grief orgy.
It is true that winning candidates typically spend more on their campaigns than do their opponents, but it is also true that successful candidates possess attributes that are useful for both raising money and winning votes (e.g., charisma, popular policy positions, etc.). This “reverse causality” means that campaign spending is potentially as much a symptom of electoral success as its cause.
In order to identify the treatment effect of campaign spending on electoral success, researchers exploit natural experiments. For example, imagine re-running a race between two candidates but varying the campaign spending of each; repeat that exercise enough times and you have an experiment that will allow you to observe the causal effect of campaign spending, all else constant. That’s basically the approach taken by Steve Levitt in his seminal study of repeat meetings of the same Congressional candidates over time.
Levitt finds that changes in campaign spending produce negligible changes in electoral outcomes when candidate characteristics are held constant. Now that doesn’t mean that candidates don’t need to get their message out to voters. We’re talking about marginal changes in campaign spending. Given you are already spending a million dollars running for a House seat, another hundred grand or so won’t make any appreciable difference.



