I investigate the idea that campaign spending limits may help to level the playing field in electoral competition between parties who have unequal access to campaign funds. The model assumes that the supporters of one party are on average wealthier than those who support a competing party....

Arguably the most important campaign finance regulations in U.S. federal elections are limits imposed on the amount that an individual or organization may donate to a federal campaign. Such contribution limits are advocated on two separate grounds. The first is that they prevent corruption, the...