Suppose the government is considering the provision of traffic lights at three different locations, denoted 1, 2 and achtraffic light costs $600 to install. There are three individuals (A, B, and C). If a traffic light is installed all individuals willbe taxed equally to pay for the costs and this information is known to the individuals. The decision whether to installeach individual traffic light is taken on the basis of a majority vote; and, for each individual, if the individual's valuationis greater than or equal to the cost to them then they would vote in favour of provision. The table below gives thevalue that each individual places on installing a traffic light at each of the locations:LocationIndividual AIndividual BIndividual C11701503002202501803150220220b. Explain for each of the three locations what decisions would be made using a Clark-Groves mechanism, howmuch each individual would pay and how much revenue would be raised towards the cost. To ease yourcalculations, you can use a calculator or a computing software such as Excel.

The government is considering installing traffic lights at three distinct places, designated as 1,…

Answered: Explain for each of the three locations…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Explain for each of the three locations what decisions would be made using a Clark-Groves mechanism, how much each individual would pay and how much revenue would be raised towards the cost. To ease your calculations, you can use a calculator or a computing software such as Excel.