Three-Candidate Competition when Candidates Have Valence: The Base Case
AbstractWe 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 InfoPaper provided by Suffolk University, Department of Economics in its series Working Papers with number 2008-2.
Length: 23 pages
Date of creation: 31 Mar 2008
Date of revision:
Multi-candidate competition; valence; local Nash Equilibrium;
Other versions of this item:
- Haldun Evrenk, 2009. "Three-candidate competition when candidates have valence: the base case," Social Choice and Welfare, Springer, vol. 32(1), pages 157-168, January.
- Haldun Evrenk, 2009. "Three-candidate competition when candidates have valence: the base case," Social Choice and Welfare, Springer, vol. 32(1), pages 169-169, January.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- H89 - Public Economics - - Miscellaneous Issues - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-08-14 (All new papers)
- NEP-CDM-2008-08-14 (Collective Decision-Making)
- NEP-GTH-2008-08-14 (Game Theory)
- NEP-MIC-2008-08-14 (Microeconomics)
- NEP-POL-2008-08-14 (Positive Political Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- 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.
- Hug, Simon, 1995. " Third Parties in Equilibrium," Public Choice, Springer, vol. 82(1-2), pages 159-80, January.
- Dimitrios Xefteris, 2014. "Mixed equilibriums in a three-candidate spatial model with candidate valence," Public Choice, Springer, vol. 158(1), pages 101-120, January.
- 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.
- 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.
- 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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