PRINCIPLES OF MICROECONOMICS (OER)
2nd Edition
ISBN: 9781947172340
Author: Timothy Taylor, Steven A. Greenlaw
Publisher: OpenStax
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Textbook Question
Chapter 18, Problem 16CTQ
Given that rational ignorance discourages some people from becoming informed about elections, is it necessarily a good idea to encourage greater voter turnout? Why or why not?
Expert Solution & Answer
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Is it rational for voters to be informed? Is it rational for them to vote? Discuss the incentives that
voters face and the calculations they might make. (Authentic answers with sources please)
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.
Chapter 18 Solutions
PRINCIPLES OF MICROECONOMICS (OER)
Ch. 18 - Based on the theory of rational ignorance, what...Ch. 18 - What is the cost of voting in an election?Ch. 18 - What is the main factor preventing a large...Ch. 18 - Why might legislators vote to impose a tariff an...Ch. 18 - True or false: Majority rule can fail to produce a...Ch. 18 - Anastasia, Emma, and Greta are deciding what to do...Ch. 18 - Suppose there is an election for Soft Drink...Ch. 18 - How does rational ignorance discourage voting?Ch. 18 - How can a small special interest group win in a...Ch. 18 - How can pork-barrel spending occur in a situation...
Ch. 18 - Why do legislators vote for spending projects in...Ch. 18 - Why does a voting cycle make it impossible to...Ch. 18 - How does a government agency raise revenue...Ch. 18 - What are some reasons people might find acquiring...Ch. 18 - What are some possible ways to encourage voter...Ch. 18 - Given that rational ignorance discourages some...Ch. 18 - When Microsoft was founded, the company devoted...Ch. 18 - Representatives of competing firms often comprise...Ch. 18 - Special interests do not oppose regulations in all...Ch. 18 - To ensure safety and efficacy, the Food and Drug...Ch. 18 - How is it possible to bear a cost without...Ch. 18 - Is pork-barrel spending always a bad thing? Can...Ch. 18 - The United States currently uses a voting system...Ch. 18 - What are some alternatives to a first past the...Ch. 18 - AT10 million dollar. Lobbying Congress to block...Ch. 18 - Occupy Wall Street was a national (and later...Ch. 18 - Say that the government is considering a ban on...
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