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A rational-voter explanation of the cost of ruling |
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| Authors: | Martin Paldam Peter Skott |
| Affiliation: | 1. Department of Economics, Aarhus University, DK-8000, Aarhus C |
| Abstract: | It is well known that the average government loses votes — the so-called cost of ruling. We show that the loss can be explained as a perfectly rational demand for change in a median voter model, once the model is amended to let the two parties be visibly different. |
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