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Why Can Candidates “Concede”?

I’ve never understood why it matters if the “losing” side in a contested election “concedes.” Why does the candidate have this power?  I mean what if you get 51% and it’s contested, and you “concede”–why do you have the power to put the 49% loser into office? Or if it’s uncertain, why does either candidate have the authority to decide this?

And what exactly is a concession–? Does it have to be in writing? Filed somewhere? How does the candidate make it “official”? What if he changes his mind?

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