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Full-Text Articles in Social and Behavioral Sciences
The Vicious Cycle: Fundraising And Perceived Viability In U.S. Presidential Primaries, Cameron A. Shelton, James J. Feigenbaum
The Vicious Cycle: Fundraising And Perceived Viability In U.S. Presidential Primaries, Cameron A. Shelton, James J. Feigenbaum
CMC Faculty Publications and Research
Scholars of presidential primaries have long posited a dynamic positive feedback loop between fundraising and electoral success. Yet existing work on both directions of this feedback remains inconclusive and is often explicitly cross-sectional, ignoring the dynamic aspect of the hypothesis. Pairing high-frequency FEC data on contributions and expenditures with Iowa Electronic Markets data on perceived probability of victory, we examine the bidirectional feedback between contributions and viability. We find robust, significant positive feedback in both directions. This might suggest multiple equilibria: a candidate initially anointed as the front-runner able to sustain such status solely by the fundraising advantage conferred despite …