Valence characteristics and entry of a third party

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.

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Year of publication:	2005
Authors:	Kim, Kwang-ho
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 4.2005, 18, p. 1-9
Publisher:	AccessEcon
Subject:	Downsian model

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Classification:	D7 - Analysis of Collective Decision-Making
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005181889