Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421315
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 19, Problem 6.2P
To determine
Identify the concept of voting paradox.
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Let's see whether quadratic voting can avoid the paradox of voting that arose in Table 5.3 when using 1p1v in a series of paired-choice
majority votes. To reexamine this situation using quadratic voting, the table below presents the maximum willingness to pay of Garcia,
Johnson, and Lee for each of the three public goods. Notice that each person's numbers for willingness to pay match her or his
ordering of preferences (1st choice, 2nd choice, 3rd choice) presented in Table 5.3. Thus, Garcia is willing to spend more on her first
choice of national defense ($400) than on her second choice of a road ($100) or her third choice of a weather warning system ($0).
TABLE 5.3 Paradox of Voting
Preferences
Public Good
Garcia
Johnson
Lee
National defense
1st choice
3d cholce
2d cholce
Road
2d cholce
1st choice
3d cholce
Weather warning system
3d choice
2d choice
1st choice
Election
Voting Outcomes: Winner
1. National defense vs. road
National defense (preferred by Garcia and Lee)
2. Road vs.…
PLEASE HOW TO THINK ABOUT IT AND SOLVE
Consider the following two sets of individuals and their group preference rankings, aggregated using the same voting rule.
1: individual preferences: x>y>z>w, y>z>w>x, and z>w>x>y
group preferences: x>Gy, z>Gx, w>Gx, y>Gw, y>Gz and z>Gw
2:individual preferences: y>z>x>w, y>w>x>z, and y>w>z>x
group preferences: y>Gx, y>Gw, z>Gy, x>Gw, z>Gx, and z>Gw
Question: Which of Arrow's conditions (P, D, I, or Transitivity) is violated by their group preferences? (hint: checking I requires comparing the outcomes in the two different groups to find a violation).
Chapter 19 Solutions
Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
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