A test of the structure of PAC contracts: An analysis of house gun controlvotes in the 1980s

We examine roll call votes on gun control in the U.S. House of Representati ves during the 1980s to determine whether political action committees (PACs ) make spot market purchases, prepay for votes in the prior election cycle, or make long-term investments. Previous tests generally employ PAC contrib utions from only one cycle, which could impose the wrong structure on contr acts between PACs and politicians, causing researchers to misestimate a con tribution's impact. We find that money from more than one election cycle in fluences roll call votes, which suggests that PAC expenditures are not simp le spot market or one-period prepayment contracts. Most remarkably, we find that the National Rifle Association buys votes with contributions from thr ee election cycles.