The mean voter theorem suggests that all parties should rationally converge to the electoral center. Typically this leads to an outcome which is unattractive to the rich. This paper develops a general stochastic model of elections in which the electoral response is affected by the valence (or...

This book presents a set of original and innovative contributions on state, institutions and democracy in the field of political economy. Modern political economy has implied the interaction between politics and economics to understand political, electoral and public issues in different nations,...