Rational Voting and Candidate Entry under Plurality Rule

We analyze a formal model of electoral competition under plurality rule that is characterized by two novel features. First, rather than assuming a fixed field of candidates, we allow candidates to make decisions regarding entry, as well as location. Second, voters in our model are strategically rational, that is, they maximize utility over expected policy outcomes, rather than simply voting for the ideologically closest candidate. Given these assumptions, all equilibria in this model are such that the set of entrants locates at the median voter's ideal point. This result stands in sharp contrast to earlier models of multicandidate competition in which entry is not allowed and voters vote sincerely.