To the extent that election campaigns are simply advertising campaigns, they should not contribute directly to social welfare. Yet election campaigns are often very costly. Why do such costly campaigns arise as the norm? If they do not benefit society, should campaign expenditures be limited?...

If (often costly) election campaigns are simply advertising, they do not increase social welfare directly. Given this, should we limit campaign expenditures? We propose that costly campaigns can inform voters about the strength of candidates. This may increase welfare indirectly by helping...