作者：Acharya, Avidit; Grillo, Edoardo; Sugaya, Takuo; Turkel, Eray
作者单位：Stanford University; Stanford University; University of Padua
摘要：We develop a model of electoral campaigns in which two office-motivated candidates allocate their budgets over time to affect their odds of winning. We measure the candidates' evolving odds of winning using a state variable that tends to decay over time, and we refer to it as the candidates' relative popularity. In our baseline model, the equilibrium ratio of spending by each candidate equals the ratio of their initial budgets; spending is independent of past realizations of relative popularit...
