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A society is composed of 3 individuals named 1, 50, and 100. There are three alternatives: 2, 60, and 90. For each individual i € {1,50, 100}, her utility from alternative A = {2, 60, 90} is given by u² (A) = -|i - Al where x is the absolute value of x. 2.1 How does each individual rank the three alternatives? 2.2 Which alternatives are Pareto efficient? Which alternatives maximize social surplus, i.e., u² (A)? Σ i {1,50,100} Assume that voters vote sincerely. 2.4 Consider a majority vote between alternatives 2 and 60. Which alternative would win? 2.5 Consider a majority vote between alternatives 60 and 90. Which alternative would win? 2.6 Consider a majority vote between alternatives 2 and 90. Which alternative would win? 2.7 Suppose we used the Open Agenda Method. Which alternative would be chosen? A society is composed of 3 individuals named 1, 50, and 100. There are three alternatives: 2, 60, and 90. For each individual i € {1,50, 100}, her utility from alternative A = {2, 60, 90} is given by u² (A) = -|i - Al where x is the absolute value of x. 2.1 How does each individual rank the three alternatives? 2.2 Which alternatives are Pareto efficient? Which alternatives maximize social surplus, i.e., u² (A)? Σ i {1,50,100} Assume that voters vote sincerely. 2.4 Consider a majority vote between alternatives 2 and 60. Which alternative would win? 2.5 Consider a majority vote between alternatives 60 and 90. Which alternative would win? 2.6 Consider a majority vote between alternatives 2 and 90. Which alternative would win? 2.7 Suppose we used the Open Agenda Method. Which alternative would be chosen?
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Based on the provided utility function uiA i A we can answer each of the questions as follows 21 How does each individual rank the three alternatives ... View the full answer
Related Book For
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
Posted Date:
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