Valence and Campaigns

We present a model of two-candidate elections in which candidates are office-motivated, campaigning is voluntary and costly, and one candidate has a valence advantage. In equilibrium, the order of campaign announcements matters: Each candidate would prefer to announce his or her position after the other candidate has announced his or hers. The fundamental predictions of the model are (1) the impact of valence and campaigning costs on candidates' equilibrium behaviors is in general ambiguous, requiring further specification of the details of the electoral situation, and (2) in general, equilibrium platform announcements are essentially independent of the location of the median voter's ideal point. In addition, the model is consistent with elections in which both, only one, or neither candidate actively campaigns, and, finally, even when one candidate has a large valence advantage, there might be no equilibrium in which he or she will win the election with certainty.