Question: (a) Explain, using your own example, why two political parties converge to the policy position of the median voter when competing with one another for

(a) Explain, using your own example, why two political parties converge to the policy position of the “median” voter when competing with one another for votes in an electoral contest decided by majority rule.

(b) Explain why a second-price (Vickrey) auction guarantees that bidders reveal their true valuation of an item.

Step by Step Solution

★★★★★

3.45 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

answer a In an electoral contest determined by majority rule the two political parties will converge to the policy position of the median voter because they must attract the majority of votes in order ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Chemistry Questions!

1. [10] Let A = 2 4 a b c d e f g h i 3 5, B = 2 4 d + 5g e+ 5h f+ 5i a 2g b 2h c 2i g h i 3 5, C = 2 4 2g 2h 2i 3d 3e 3f 1a 1b 1c 3 5. Suppose that det A = 5. Find det B = , det C = , and det (AC) =

Find the best alternative using incremental IRR analysis. A B D Initial cost $2000 4000 5000 3000 Annual benefit 800 1300 500 400 Salvage value 1400 2000 1500 3000 Life, in years 6 4 MARR required 6%...

A B C D E F G 1 Suppose the risk free interest rate is 4%. Calculate the following using the EXCEL functions. 2 3 Having $500 today is equivalent to having what amount in one year? 4 Present value...

Answer these questions. a Using your own words, explain what Sunny found the manager and waiter doing by the pool. b What does the word 'bellowed' tell the reader about the way Brendan spoke? c Using...

Read an article of your choice, related to Performance Management and answer the following question: 1. Given the definition of Performance Management in the article how does individual performance...

CONTENTS 1. INTRODUCTION.. 3 2. TASK A KNOWLEDGE QUESTIONS. 5 3. TASK B PRODUCE A CONTENT STRATEGY. 7 4. TASK C DEVELOP AND PUBLISH CONTENT. 13 5. TASK D REVIEW CONTENT PERFORMANCE. 17 6. ASSESSMENT...

Find the website of any product that can be ordered online (any product you find interesting and that is appropriate to use for a class assignment). Adapt the information on the website, using your...

Maple Leaf Foods Inc. is a producer of food products under leading brands including Maple Leaf, Maple Leaf Prime, Schneiders, and Country Natural. Exhibit 8.26 is an extract from Maple Leafs...

Maple Leaf Foods Inc. is a producer of food products under leading brands including Maple Leaf, Maple Leaf Prime, Schneiders, and Country Natural. Exhibit 8.29 is an extract from Maple Leafs...

Electrical Interconnectors In the electricity industry, interconnectors give the owner the option to transmit electricity to one of two locations. Show, using your own example, how real option...

1. If the corporations officers have carefully covered up the wrongdoing, is it still fair to hold directors liable for failing to detect the illegal activities? 2. Is it ethical for directors to...

Alpha School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows: Accounts Payable ............

The following information applies to Dinokeng (Pty) Ltd (Dinokeng) where you are the financial manager: Machine 1 Dinokeng needs to replace it's existing Machine 1 which has come to the end of it's...

Dividends and Stock Price if increases in dividends tend to be followed by (immediate) increases in share prices, how can it be said that dividend policy is irrelevant?

Investment and Dividends the Phew Charitable Trust pay no taxes on its capital gains or on its dividend income or interest income. Would it be irrational for it to have low-dividend, high-growth...

Dividends and Taxes Sharp Dress, Inc has declared a $5.00 per share dividend, suppose capital gains are not taxed, but dividends are taxed at 15 percent. New IRS regulations require that taxes be...

Garden Sales, Inc. sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during May. The following information has been...

The balance sheet as of December 31, 2011, for Melrose Enterprises follows: During 2011 Melrose entered into a loan agreement that required the company to maintain a debt/equity ratio of less than...

solve this What principle of corporate governance requires that organizations develop a code of conduct for their directors and executives? O a.) Treatment of shareholders O b.) Integrity and ethical...

please help me solve all of these questions! the 1st two pictures ks what the whole assognment is based off of! thanks so much Phoenix Company's 2019 master budget included the following fixed budget...

INSTRUCTIONS: Please answer the questions in the attached Word doc. Please type in your answers. MGMT 4650 Financial/Ratio Analysis Quiz Name________________________________________...

1.With reference to a practical case of a business setup, discuss the various types of information systems used at strategic level management, Tactical level management and operational level...

we lod Hyat Place hold collodied seven months of data on the number of room nges ned per month and the monthly uties and The data Click the in to www the sol) sgraphed, resulting in the lowing ad the...

s1 educated (SSE) student for every three public school educated (PSE) students. Reasoning that students are not very dissimilar from threads, he suggests the following entry and exit routines be...

resolved first by reducing the raw hash value modulo the size of the array and arranging that each array entry refers to the start of a linked list of (index,value) pairs. Retrieving a value from the...