Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 22, Problem 4QCMC
To determine
Condorcet paradox and Arrow's impossibility theorem.
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Explain why majority rule respects the preferencesof the median voter rather than those of the averagevoter.
For each of the following social choice methods, which of Arrow's axioms (A.1-6) are violated, and why: a. the Pareto criterion b. plurality-rule voting (of several choices, the one with the most votes wins) c. majority-rulevoting d. puiling a choice out of a hat (random
According to Kenneth Arrow, there are minimum conditions to which a social choice rule (constitution) needs to conform to in order to be ethically acceptable. Explain these conditions. Does majority decisions rule conform to Arrows conditions?
Chapter 22 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- 4.10. A social choice function satisfies the weak Pareto criterion if,whenever every voter places one candidate above another, say rankingcandidate A over candidate B, then candidate B cannot be the uniquewinner. (This differs from the Pareto property owing to the words “theunique”.)(a) Explain why any method that satisfies Pareto also satisfies weakPareto.(b) Explain why the antiplurality method satisfies weak Pareto.(c) Explain why the agenda method violates weak Pareto.arrow_forwardA situation in which society may not be able to rank its preferences consistently through paired-choice majority voting refers to Multiple Choice: A. the median-voter model. B. logrolling. C. the paradox of voting. D. the special-interest effect.arrow_forwardWhat is the significance of the concept of rational ignorance? Question options: It explains why voters are swayed by single-issue voting. It explains why the majority of voters feel that their vote is important in determining the outcome of an election. It explains how false or exaggerated political advertising influences voting behavior. It explains why many people do not vote.arrow_forward
- Which of the following is true? a. Arrow’s Impossibility Theorem states that There is no voting method that will satisfy a reasonable set of fairness criteria when there are three or candidates. b. Gibbard-Satterthwaite's theorem states that there is a voting method is completely resistant to strategic voting. c. None of the given choices d. May's Theorem states that the majority method will always have a winner.arrow_forward4.1. The vote-for-two method works as follows: Candidates get apoint whenever a voter ranks them first or second. The candidate withthe most points is declared to be the winner (or if several candidates tiefor the most points, they are all declared to be winners).(a) Does the vote-for-two method satisfy the Condorcet criterion?(b) Does the vote-for-two method satisfy the anti-Condorcet criterion?(c) Does the vote-for-two method satisfy the Pareto property?(d) Is the vote-for-two method independent?arrow_forwardConsider a society with three people (Atakan, Feyza and Nedim) who is trying to decide how much money to spend on schools. There are three options for spending on schools: H (High), M (Medium) or L (Low). These individuals rank the three options in the following way: Rank Atakan Feyza Nedim 1st Choice M L H 2nd Choice L H M 3rd Choice H M L Question -Would majority voting bring about a decision on how much to spend on schools? Explain why.arrow_forward
- Rational behavior can be applied to a) individuals b) politicians c) government officals d) all of the abovearrow_forwardRational choice theory is an economic principle that assumes individuals always make prudent and logical decisions to maximize net benefit. True or falsearrow_forwardExplain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).arrow_forward
- Which of the following predictions is consistent with public choice theory? a. Voters always cast votes based on hard facts, not based on whether they like a candidate's personality. b. Legislation enacted is rarely a result of special interest legislation. c. Many voters will be uninformed on political and government issues. d. Voters always cast votes based on whether they like a candidate's personality, not on hard facts.arrow_forwardBN10.3 Case: Your non-profit has just been awarded a special government environmental clean- up grant of $90,000. You are given the choice to take the $90,000 now or wait until next year. With an election coming up, the amount of next year's grant will vary based on which party wins. Assuming that money tomorrow is worth the same as money today, the grant amounts are: Outcome Democrats control everything Republicans control everything Split government Assume: Grant Amount $160,000 $36,100 $90,000 Probability 0.25 0.25 0.50 Assume your Payoff in each case (based on your utility function) is sqrt (grant amount). Question: Do you accept the Money today or wait until next year? Include Calculations of the Expected Value and Expected Utility.arrow_forwardThe idea of having three branches of government that share power is most consistent with which sociological perspective? Shared Governance Theory Functionalism Conflict Symbolic Interactionism Rockefeller's Standard Oil Company was in a position to issue commands and dictate the price of oil to oil producers by virtue of its monopoly on oil refining. This serves as an example of domination by O power. O economic power. O authority. none of the above. How do contagion theory and emergent norm theory differ in their explanations of collective action? OIn contagion theory, people take their cues from those nearby. In emergent norm theory, everyone takes their cues from a few key individuals. In contagion theory, collective action is spontaneous, whereas in emergent norm theory, it is the product of deliberate planning. O Contagion theory is about the spread of antisocial behavior, while emergent norm theory is about the spread of prosocial behavior. Contagion theory is about unintentional…arrow_forward
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