On the Failure of the Median Voter Theorem in the Presence of Multiple Contests of Varying Types
by Edward Philpot Abstract The median voter theorem, rst formalized by Duncan Black in 1948, is the result of a classic model used to describe the positioning of candidates in majority-rule elections, eponymously stating that candidates will converge to the median. The goal of this paper is to describe how the median voter theorem fails […]
Strategic Behavior in Online Auctions: An Analysis of Sniping
by Claudia Lai Abstract Sniping is a prevalent phenomenon in eBay auctions, which have a fixed end time. Such practice seems apparently inconsistent with standard auction theory – last minute bids are received with reduced probability, and should rationally be submitted earlier – yet previous literature has shown that bidders typically do not engage in […]
