Log Rolling and Pork Barreling notes
Log-Rolling, Bargaining, and the Coase Theorem
A.
The Coase Theorem: When transactions costs are zero,
people bargain to the efficient allocation regardless of initial
endowments.
B.
Classic example: Farmer/railroad ca
Imperfect Information notes
The Economics of Imperfect Information, I: Probability
A.
Everyone is familiar with probability to some degree, from
rolling dice, playing cards, and so on.
B.
Basic postulate of probability theory:
events range from impossible
Aggregation notes
The Principle of Aggregation
A.
When you roll a single die, you are highly uncertain about
how the roll will turn out. It is equally likely to be anything
between 1 and 6.
B.
But when you roll ten dice and add the sum, your level of
unce
Fallacies of Group Action notes
II.
Fallacies of Group Action
A.
People often think in terms of groups acting to promote their group
goals.
1.
Workers/capitalists
2.
Oppressed minorities
3.
Women (and men?)
4.
Environment
5.
Northern business and the end
Collective Action notes
Efficiency and Collective Action
A.
In collective action situations, the privately optimal level of
participation is extremely low; but high participation is often
the socially optimal outcome.
B.
Why? Frequently, everyone benefits
Multi Peaked Preferences and Intransitivity notes
Multi-Peaked Preferences and Intransitivity, I
A.
We have already considered an example of multi-peaked
preferences: A wealthy parent's first choice may be high
educational spending, even though medium spe
Determinants of Party Identification notes
Case Study: The Determinants of Party Identification
A.
What happens if you use basic econometrics to try to sort out
the determinants of party identification?
B.
Linear probability model: Predict the probability
Dimensionality of US Political Opinion
The Dimensionality of U.S. Political Opinion
A.
There are many different ways to analyze political beliefs.
1.
Libertarian-statist spectrum.
2.
Christian-secular spectrum
B.
But empirically, U.S. political opinion "f
Bargaining notes
Bargaining to Efficiency on a Single Dimension
A.
The Coase Theorem implies that log-rolling can take care of
the divergence between median and mean preferences.
B.
Median voter has the power to pick the "initial endowment"
from which bar
Divergence Between Preferences notes
Divergence Between Median and Mean Preferences
A.
Politicians cater exclusively to the median voter when:
1.
There is one voting dimension,
2.
preferences are single-peaked,
3.
and politicians have no uncertainty about
Calculating Decisiveness notes
Calculating the Probability of Decisiveness, I: Mathematics
A.
When does a vote matter? At least in most systems, it
only matters if it "flips" the outcome of the election.
B.
This can only happen if the winner wins by a sin