I study a one-dimensional Hotelling-Downs model of electoral competition in which unelectable fringe candidates with extreme policy platforms are an integral part of the political process. When the preferences of voters change over time, and there are restrictions on political parties changing...

The nonexistence of equilibria in models of electoral competition involving multiple issues is one of the more puzzling results in political economics. In this paper, we relax the standard assumption that parties act as expected utility maximizers. We show that equilibria often exist when...