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,...

This essay shows that, for any non-collegial voting rule, σ, there exists an integer, s(σ), with this property: if the policy space, W, has dimension no greater than s(σ), then there exists a profile of smooth utilities on W, such that the core for σ at this profile is non-empty and...

This paper attempts to model elections by incorporating voter judgments about candidate and leader competence. The proposed model can be linked to Madison’s understanding of the nature of the choice of Chief Magistrate (Madison, James Madison: writings. The Library of America, New York, <CitationRef CitationID="CR43">1999</CitationRef>...</citationref>

We develop a stochastic model of electoral competition in order to study the economic and political determinants of trade policy. We model a small open economy with two tradable goods, each of which is produced using a sector-specific factor (e.g., land and capital) and another factor that is...

Formal models of elections have emphasized the convergence of party leaders towards the centre of the electoral distribution. This paper attempts to resolve the apparent disparity between the formal result and the perception of political divergence by considering a model incorporating valence....