Data from US presidential elections show that most third parties take extreme positions rather than positions between those of the major partie. This and other phenomena are explained with an extension of the Downsian model of voting. When parties choose not only positions, but also choose among...

Does the new information revealed by election outcomes help to explain unexpected fluctuations in foreign exchange rates? To answer this question, we examine the behavior of errors from forecasting future exchange rate surrounding elections.

Consider a principal who appoints an agent. Let the agent potentially serve for a sufficiently long time that one principal is replaced by another over this period. Suppose also that the quality of the agent appointed increases with the effort the incumbent principal devotes to hiring. Then the...