Three-candidate competition when candidates have valence: the base case
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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Volume (Year): 32 (2009)
Issue (Month): 1 (January)
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- Hug, Simon, 1995. "Third Parties in Equilibrium," Public Choice, Springer, vol. 82(1-2), pages 159-80, 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.
- 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.
- 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.
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