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| Kwang-ho Kim |
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| ''Valence characteristics and entry of a third party'' |
| ( 2005, Vol. 4 No.18 ) |
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| 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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| Keywords: Downsian model |
JEL: D7 - Analysis of Collective Decision-Making: General
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| Manuscript Received : Dec 22 2005 | | Manuscript Accepted : Dec 22 2005 |
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