Explaining Challengers' Campaign Expenditures: the Importance of Sunk Nontransferable Brand Name

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Abstract
This article will (1) respecify existing empirical work on sunk nontransferable investments in terms of Jacobsen's work on campaign expenditures, (2) control for the effect of past political brand name possessed by the challenger on entry barriers, and (3) discuss the theoretical difference between the long-run and short-run effects of campaign expenditure limit laws. Considerations for the ideal form of campaign expenditure limit laws will also be discussed.