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Econometric analysis of aggregate time-series farm-sector data suggests that prior to World War II the farm bankruptcy rate appears to be associated with financial risk variables, while postwar data show a strong association with business risk variables. There does not appear to be any evidence that agricultural support payments since World War II have induced, deferred, or reduced farm failures.

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THE 1972 presidential campaign much public concern has attended the subject of campaign spending (Alexander, 1962(Alexander, , 1966(Alexander, , 1971 Alexander, et al., 1976; Diamond, 1974; Nichols, 1974). Resulting regulation has provided for further limitation of private political contributions and federal financial support of compaigns. However, it has not been established whether campaign spending sways public opinion. Nor have the factors which motivate the consumer qua citizen to contribute to campaigns been identified. Finally, little effort has been expended to assess the partisan impact of compaign reform regulations.This article addresses these questions by analyzing consumer choice within electoral districts. In the context of bipartisan elections, two indicators of public sentiment are considered: financial support of candidates and voting behavior. After an analytical framework is introduced in the first section, multiple linear regression analysis is used to identify the economic and social phenomena which may have influenced these types of political participation in the 1972 congressional elections in California. The effect of campaign spending on preferences is given particular attention. Results are used to analyze recent legislation. Abstract It has long been considered axiomatic that public receptiveness toward products, ideas, and candidates can be altered by promotional campaigns. Consumers are often the sponsors as well as the targets of such campaigns in the political realm. This study identifies the factors which lead consumers to support political campaigns and estimates the degree to which their preferences can be influenced by campaign spending. The potential effects of proposed spending regulations are also analyzed.