Abstract
Abstract Objective Ranked‐choice voting (RCV) is increasingly seen as a way to reduce political polarization and increase voter choice in elections, but little is known about its effect on candidate fundraising. In 2022, Alaska held its first election using a nonpartisan Top 4 primary followed by a ranked‐choice general election. We analyze the effect of this new system on campaign financing practices in state legislative elections. There are many reasons to expect RCV to increase campaign spending, broaden the donor pool, and prompt donors to support candidates to whom they would not otherwise contribute. Method We measure changes in fundraising over the past decade in Alaska legislative elections. We conduct a network analysis of campaign contributors in Alaska for the 2018, 2020, and 2022 state legislative elections. Results RCV had minimal consequences for campaign fundraising. Our ability to draw broader conclusions about the relationship between RCV and campaign finance is complicated by unusual features of Alaska politics. Conclusions There is little evidence that the adoption of a Top 4/RCV system in Alaska had immediate effects on campaign finance in state legislative elections. However, patterns may change as legislators and donors adapt to the new system.