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Three-Candidate Competition when Candidates Have Valence: The Base Case

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  • Evrenk, Haldun

    ()
    (Suffolk University, Department of Economics)

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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Bibliographic Info

Paper provided by Suffolk University, Department of Economics in its series Working Papers with number 2008-2.

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Length: 23 pages
Date of creation: 31 Mar 2008
Date of revision:
Handle: RePEc:suf:wpaper:2008-2

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Web page: http://www.suffolk.edu/college/2175.html
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Keywords: Multi-candidate competition; valence; local Nash Equilibrium;

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  1. Martin J. Osborne, 1995. "Spatial Models of Political Competition under Plurality Rule: A Survey of Some Explanations of the Number of Candidates and the Positions They Take," Canadian Journal of Economics, Canadian Economics Association, vol. 28(2), pages 261-301, May.
  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, Oxford University Press, vol. 74(3), pages 965-980.
  4. Hug, Simon, 1995. " Third Parties in Equilibrium," Public Choice, Springer, vol. 82(1-2), pages 159-80, January.
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Cited by:
  1. Dimitrios Xefteris, 2014. "Mixed equilibriums in a three-candidate spatial model with candidate valence," Public Choice, Springer, vol. 158(1), pages 101-120, January.
  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. 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.
  4. 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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