People in the swing states are being bombarded with negative ads. Team Obama says Romney is an out-of-touch rich guy; Team Romney says you've got all the evidence you need to know Obama is an ineffective president.
What if both sides are equally persuasive? What if both side's ads are perceived to be speaking truth? You'd predict the net effect would be to encourage independent/undecided voters to stay home, or perhaps to vote for a third-party candidate.
