Abstract
This paper studies electoral competition between two purely office-motivated and heterogeneous (in terms of valence) established candidates when the entry of a lesser-valence third candidate is anticipated. In this model, when the valence asymmetries among candidates are not very large, an essentially unique equilibrium always exists and it is such that: (a) the two established candidates employ pure strategies, (b) the high-valence established candidate offers a more moderate platform than the low-valence established candidate, (c) the entrant locates between the two established candidates and nearer to the established high-valence candidate and, surprisingly, (d) both established candidates receive equal vote-shares.
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