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Valence characteristics and entry of a third party

By Kwang-ho Kim

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.Downsian model

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