Principles of Microeconomics California Edition 2nd Edition
2nd Edition
ISBN: 9780393622089
Author: Dirk Mateer, Lee Coppock
Publisher: W. W. Norton
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Question
Chapter 17, Problem 3SP
To determine
The importance of an individual vote in deciding the outcome of election.
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Exercise 1.12. Consider the following game. There is a club with three members:
Ann, Bob and Carla. They have to choose which of the three is going to be
president next year. Currently Ann is the president. Each member is both a
candidate and a voter. Voting is as follows: each member votes for one candidate
(voting for oneself is allowed); if two or more people vote for the same candidate
then that person is chosen as the next president; if there is complete disagreement,
in the sense that there is exactly one vote for each candidate, then the person from
whom Ann voted is selected as the next president.
(a) Represent this voting procedure as a game frame, indicating inside each cell of
each table which candidate is elected.
(b) Assume that the players' preferences are as follows: AnnAm Carla Ann Bob,
Carla Bob Ann, Bob Carla Ann Caria
Carla.
Using utility values 0, 1 and 2, convert the game frame into a game.
(c) Apply the IDWDS to the game of part (b). Is there a weak iterated…
Explain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).
Explanation with answer
Chapter 17 Solutions
Principles of Microeconomics California Edition 2nd Edition
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- The blue curve on the following graph shows the tradeoff between security and tourism; that is, combinations of security and tourism above the blue curve are not possible, and those on or below the curve are possible. The vertical axis measures security, defined as the probability that a terrorist is intercepted before entering the country. The horizontal axis measures the number of yearly visitors to the United States, in millions. Suppose that before 9/11, there were 55 million visitors per year, and the probability of intercepting any particular terrorist at customs and immigration was 10%, as indicated by the purple point (diamond symbol). After the 9/11 attacks, a debate is held in Congress. Members of both parties agree that security measures need to be improved. However, there is some disagreement as to how much additional security is needed. Suppose the first bill that is introduced mandates that security be improved so that the probability of catching a terrorist at the border…arrow_forwardNew answer neededarrow_forwardThere is a telling joke about two economists walking down the street. They spot a $20 bill on the sidewalk. One stoops to pick it up, but the other one says, “Don’t bother; if the bill was real, someone would have picked it up already.” The lesson is clear. A strong belief in efficient markets can disable the investor and make it appear that no research effort can be justified. Do you think there are still enough anomalies in the empirical evidence to justify the search for overpriced/underpricedsecurities? Support your answer with examples and new theories in the context of Efficient Market Hypothesis.arrow_forward
- You are considering taking an econometric software course: R or STATA. The tuition is $1000, and knowing one of these software will generate lifetime earnings of $100,000. (Assume that those earnings are all realized one year after getting the software certificate.) Firms are going to use either STATA or R. There is a 50% chance that all companies use STATA and a 50% chance that they use R; a hearing is scheduled for the coming year, and if they decide to use only R (STATA), learning STATA (R) leads to zero income. Should you enroll in an econometric software course today, or should you wait until companies reach their decision? Assume a nominal interest rate of 12% and an inflation rate of 2%. Explain all assumptions you use for your answer.arrow_forwardNonearrow_forwardConsider two political candidates A and B facing an electorate with ideological positions uniformly distributed between 0 and 1. (To remind you, uniformly distributed means there are equal numbers of voters in the interval between 0.4 and 0.6 as between 0.8 and 1.0 and any interval of the same length.) Candidates want to maximize their vote shares. Each simultaneously and independently of the other announces a position between O and 1. A voter chooses to vote for a candidate who is closest to her but will abstain rather than vote for a candidate whose announced position is more than 0.20 distance away. Is there a Nash equilibrium in pure strategies? Explain your answer.arrow_forward
- Why did Henry George (American Economist) pay particular attention to his popularity and legacy?arrow_forwardhelp me wiith abc please. please be detailed please. thank youarrow_forwardIn SpringbokVille pieces of paper called bucks are the only item that buyers give to sellers when they purchase goods and services, so it would be common to use, say, 300 bucks to buy a rugby jersey. Prices are posted in terms of bokkies, so you might walk into a supermarket and see that, today, a rugby ball is worth 40 bokkies. Bokkies decay overnight, so no bokkie has any value for more than 24 hours. In SpringbokVille 1. the bokkie fulfils the unit of account function, but it cannot serve as a store of value. II. bucks fulfil the medium of exchange and unit of account functions. Select one: O a. Statement I is correct. Ob Both statements I and II are incorrect. O c. Statement II is correct. Od Both statements I and II are correct.arrow_forward
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