Old money: Campaign finance and gerontocracy in the United States

• 成果类型: Article
• 署名作者: Bonica, Adam; Grumbach, Jacob M.
• 署名单位: Stanford University; University of California System; University of California Berkeley
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2025.105451
• 发表日期: 2025
• 关键词: Political economy; campaign finance; gerontocracy

摘要

Politicians in the United States rank among the oldest globally. This study examines how money in politics contributes to age inequality in political representation. Using record-linkage to construct a novel data set combining the ages of voters, donors, and candidates, we find that the median dollar in US elections comes from a 66-year-old - significantly older than the median voter, candidate, or elected official. Results from within-district and within-donor analyses confirm that age proximity with candidates increases contributions on the extensive and intensive margins. Finally, we simulate candidate fundraising by age under a hypothetical campaign finance voucher policy.