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Valence characteristics and entry of a third party

Author

Listed:
  • Kwang-ho Kim

    (The University of Adelaide)

Abstract

This paper offers an explanation for the discrepancy between Downs' prediction of convergence to the median and the real world observations of nonconvergence. We modify Palfrey (1984) by introducing valence characteristics and show that there exist equilibria with entry in which the entrant may choose to be an extremist.

Suggested Citation

  • Kwang-ho Kim, 2005. "Valence characteristics and entry of a third party," Economics Bulletin, AccessEcon, vol. 4(18), pages 1-9.
    • Handle: RePEc:ebl:ecbull:eb-05d70021
    as

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    File URL: http://www.accessecon.com/pubs/EB/2005/Volume4/EB-05D70021A.pdf
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    References listed on IDEAS

    as
    1. Aragones, Enriqueta & Palfrey, Thomas R., 2002. "Mixed Equilibrium in a Downsian Model with a Favored Candidate," Journal of Economic Theory, Elsevier, vol. 103(1), pages 131-161, March.
    2. Martin J. Osborne & Al Slivinski, 1996. "A Model of Political Competition with Citizen-Candidates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 111(1), pages 65-96.
    3. Timothy Besley & Stephen Coate, 1997. "An Economic Model of Representative Democracy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(1), pages 85-114.
    4. Thomas R. Palfrey, 1984. "Spatial Equilibrium with Entry," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(1), pages 139-156.
    5. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
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    Cited by:

    1. Dimitrios Xefteris, 2018. "Candidate valence in a spatial model with entry," Public Choice, Springer, vol. 176(3), pages 341-359, September.
    2. Azrieli, Yaron, 2011. "Axioms for Euclidean preferences with a valence dimension," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 545-553.
    3. Haldun Evrenk, 2009. "Three-candidate competition when candidates have valence: the base case," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 32(1), pages 169-169, January.
    4. Azrieli, Yaron, 2009. "Characterization of multidimensional spatial models of elections with a valence dimension," MPRA Paper 14513, University Library of Munich, Germany.

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    More about this item

    Keywords

    Downsian model;

    JEL classification:

    • D7 - Microeconomics - - Analysis of Collective Decision-Making

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