Fall 08 - Quiz One

Fall 08 - Quiz One - explain(3 points 3 What are the two...

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Voting Rules and Social Choice – Fall 2008 M. Roth Quiz One 1) In mathematical notation, what are the THREE major components for global efficiency in a two-person, two-good production economy (i.e. the great big equation which must hold)? What does each of these conditions mean in words (i.e. in terms of the process of production and exchange)? (4 points) 2) Rawls’ “difference principle” says that differences in resources are justified insofar as they raise the utility of the worst-off. In contrast, strict Egalitarians view any type of disparity in utility as undesirable. Given the sole criterion of equality, what would social indifference curves look like for a two-person, egalitarian society? Draw the curves and
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Unformatted text preview: explain. (3 points) 3) What are the two primary ways in which Buchanan and Tullock’s framework for the creation of the state curb Madison’s “tyranny of the majority” (that is, the unconstrained exploitation of the minority via the apparatus of democratic government)? (5 points) Hint: this question pertains to the material BEFORE the “farmers and roads” example. 4) Construct a simple three-person, three-issue example under which: a) Logrolling is socially beneficial. b) Logrolling is socially harmful. **Be sure to specify the vote trade that takes place.** In words, what accounts for the difference in the two scenarios? (4 points)...
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