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Cycles in public opinion and the dynamics of stable party systems

Brusco, Sandro and Roy, Jaideep 2016, Cycles in public opinion and the dynamics of stable party systems, Games and economic behavior, vol. 100, pp. 413-430, doi: 10.1016/j.geb.2016.10.007.

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Title Cycles in public opinion and the dynamics of stable party systems
Author(s) Brusco, Sandro
Roy, Jaideep
Journal name Games and economic behavior
Volume number 100
Start page 413
End page 430
Total pages 18
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2016-11
ISSN 0899-8256
1090-2473
Summary We study a dynamic model of elections where many parties may enter or exit political competition. At each election a new political leadership arrives for each party. The leadership cannot choose the party's platform (ideological identities are fixed) but must decide whether or not to contest the election. Contesting elections is costly and this cost is higher if the party has recently been inactive. The distribution of voters' ideal policies, or public opinion, changes over time via a Markov process with a state independent persistence parameter. We characterise stable party systems where the set of contestants is invariant to the recent most observed opinion. We show that stable party systems exist only when public opinion is sufficiently volatile, while highly persistent moods lead to instability and change in the party system whenever public opinion changes.
Language eng
DOI 10.1016/j.geb.2016.10.007
Field of Research 140104 Microeconomic Theory
1401 Economic Theory
1402 Applied Economics
Socio Economic Objective 910299 Microeconomics not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Elsevier Inc
Persistent URL http://hdl.handle.net/10536/DRO/DU:30090203

Document type: Journal Article
Collection: Department of Economics
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