Citizens participate in the electoral process both to enjoy intrinsic benefits and in the hope of future bene fits. Factors affecting the strength of these consumption and investment motives therefore will affect registration and turnout rates, levels of campaign contributions, and electoral margins. To some extent, the strength of these motives is fixed by relatively static factors: levels of district per capita income, the degree of income inequality, the partisan division of registered voters. However, both motives also are affected by factors more apt to vary: for example, statutory arrangements, the activities of political parties, levels and types of campaign expenditures. In particular, statutory arrangements and the activities of parties which reduce costs can increase participation. Moreover, substan tial efforts to alter the partisan division of registered voters can increase campaign contributions. Also, campaign expenditures channel motivations in partisan directions, stim ulate partisan turnout, and affect electoral margins. Results reported here suggest the likelihood of bipartisan support for policies facilitating registration and voting, challenge assumptions about the effects of incumbency on campaign contributions, raise doubts about legislated ceilings on cam paign expenditures, and weaken the case for public financing of congressional elections.