How does Arrow's Impossibility Theorem challenge the feasibility of achieving a fair and consistent voting system in economic decision-making?
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How does Arrow's Impossibility Theorem challenge the feasibility of achieving a fair and consistent voting system in economic decision-making?
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- What are some alternatives to a first past the past system that might reduce the problem of voting cycles?The above table shows the benefit to each voter if an issue passes. The cost per voter of the issue passing is $100. According to Majority Rules voting, will the issue pass? According to marginal analysis, should the issue pass?BN10.3 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.
- its already answered in this site so you can just just send me by copying it A) How will the voters vote for putting a statue in the towns common area using the following data? B) Explain using cost/benefit analysis if this is the best outcome for the town. C) Is majority rules voting actually best for society? Use facts to support your answerWhich 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.The average cost of landscaping services for members of a condominium community is $350 per week. Assume that the quantity of landscaping services is perfectly correlated with the number of gardeners per week. Suppose the community consists of seven residents, each with the identical marginal benefit curve for landscaping services. The marginal benefit of the first gardener is $100 per resident. a) Assume that the efficient number of gardeners is three per week. What is the political equilibrium under majority rule if each voter is assigned a tax share of $50 per gardener per week? Does the political equilibrium under majority rule differ from the Lindahl equilibrium?
- Suppose there are three people in society who vote on whether the government should undertake specific projects. Let the net benefits of a particular project be $150, $140, and $50 for persons A, B, and C, respectively. a. If the project costs $300 and these costs are to be shared equally, would a majority vote to undertake the project? What would be the net benefits to each person under such a scheme? Would total net benefits be positive? b. Suppose the project cost $375 and again costs were to be shared equally. Now would a majority vote for the project and total net benefits be positive? c. Suppose (presumably contrary to fact) votes can be bought and sold in a free market. Describe what kinds of results you might expect in part a and part b.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.what is the theory of public choice