Third parties in equilibrium: comment and correction |
| |
Authors: | Haldun Evrenk |
| |
Affiliation: | 1. Department of Economics, Suffolk University, 41 Temple St., Boston, MA, 02138, USA
|
| |
Abstract: | Published in a past issue of this journal, Hug (Public Choice 82:159–180, 1995) studies political competition among three vote-maximizing parties when voters cannot know exactly which policies the parties will adopt when elected. Contrary to what is claimed in Proposition 3, in the generic case the game has no Nash equilibrium in pure strategies. In this case, only a local Nash equilibrium (LNE) may exist, but due to an incorrect second order condition, the conditions in Proposition 3 do not characterize this LNE either. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|