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Three-candidate competition when candidates have valence: the base case

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  • Haldun Evrenk

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Abstract

We study the Nash Equilibrium of three-candidate unidimensional spatial competition when candidates differ in their non-policy characteristics (valence). If the voters' policy preferences are represented by a strictly convex loss function, and if the voter density is unimodal and symmetric, then a unique, modulo symmetry, local Nash Equilibrium exists under fairly plausible conditions. The global Nash Equilibrium, however, exists when only one candidate has a valence advantage (or disadvantage) while the other two candidates have the same valence

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File URL: http://hdl.handle.net/10.1007/s00355-008-0306-z
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Bibliographic Info

Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 32 (2009)
Issue (Month): 1 (January)
Pages: 157-168

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Handle: RePEc:spr:sochwe:v:32:y:2009:i:1:p:157-168

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  1. Hug, Simon, 1995. " Third Parties in Equilibrium," Public Choice, Springer, vol. 82(1-2), pages 159-80, January.
  2. Lin, Tse-Min & Enelow, James M & Dorussen, Han, 1999. " Equilibrium in Multicandidate Probabilistic Spatial Voting," Public Choice, Springer, vol. 98(1-2), pages 59-82, January.
  3. Norman Schofield, 2007. "The Mean Voter Theorem: Necessary and Sufficient Conditions for Convergent Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 74(3), pages 965-980, 07.
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Cited by:
  1. Evrenk, Haldun, 2010. "Three-Candidate Spatial Competition When Candidates Have Valence: Asymmetric Voter Density and Plurality Maximization," Working Papers 2010-1, Suffolk University, Department of Economics.
  2. Evrenk, Haldun, 2011. "Why a clean politician supports dirty politics: A game-theoretical explanation for the persistence of political corruption," Journal of Economic Behavior & Organization, Elsevier, vol. 80(3), pages 498-510.
  3. Haldun Evrenk & Dmitriy Kha, 2011. "Three-candidate spatial competition when candidates have valence: stochastic voting," Public Choice, Springer, vol. 147(3), pages 421-438, June.

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