Lobbying can have a small effect on policy enactment but very valuable returns.

Is lobbying worth it? In new research, Karam Kang studies the effects of the more than $3 billion spent by firms and trade associations on lobbyists to influence policy making. She finds that while lobbying is only associated with a 0.05 percent greater chance that a desired policy becomes law, the monetary returns of even such a small change can be worth millions.