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War Chests and Information
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War Chests and Information
∗
Jay Goodliffe
Department of Political Science
Brigham Young University
Provo, Utah 84602-5545
## email not listed ##
July 2003
Abstract
I present a repeated election model of campaign fund-raising and spending where
the incumbent may use money not spent in one election for a future election, i.e. maycreate a war chest. When incumbent strength is not initially known, I find that strongincumbents create a war chest to deter challengers from entering a race.
∗
The author would like to thank David Austen-Smith, Jeff Banks, Dhammika Dharmapala, Kevin Grier, Val
Lambson, Walt Stone, and particularly Randy Calvert. A much earlier version of the paper was presented atthe 1998 Public Choice Society Meetings; a subsequent version was presented at the Tuesday Group and R
2
seminars at Brigham Young University. This paper was extensively revised while the author was a visitorat Washington University in St. Louis. The author gratefully acknowledges support from the College ofFamily, Home, and Social Sciences of Brigham Young University. All mistakes remain the author’s.
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War Chests and Information
∗
Jay Goodliffe
Department of Political Science
Brigham Young University
Provo, Utah 84602-5545
## email not listed ##
July 2003
Abstract
I present a repeated election model of campaign fund-raising and spending where
the incumbent may use money not spent in one election for a future election, i.e. may
create a war chest. When incumbent strength is not initially known, I find that strong
incumbents create a war chest to deter challengers from entering a race.
∗
The author would like to thank David Austen-Smith, Jeff Banks, Dhammika Dharmapala, Kevin Grier, Val
Lambson, Walt Stone, and particularly Randy Calvert. A much earlier version of the paper was presented at
the 1998 Public Choice Society Meetings; a subsequent version was presented at the Tuesday Group and R
2
seminars at Brigham Young University. This paper was extensively revised while the author was a visitor
at Washington University in St. Louis. The author gratefully acknowledges support from the College of
Family, Home, and Social Sciences of Brigham Young University. All mistakes remain the author’s.
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