ECON 350 Lecture Notes - Lecture 16: Pareto Efficiency, Social Choice Theory, Approval Voting

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chocolateminnow172

26 Apr 2016

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Different voting methods: majority, borda, plurality, etc. to judge wether the voting method is a good method two criteria are used: Is an efficient outcome achieved? why do we care about stability. If there are more than one outcomes that can happen from voting, it is quite impossible that all the possible outcomes will be efficient social choice rules: Each voter can cote for only one of the candidates. The candidate with the most votes is chosen: runoff voting. In the first stage, each voter votes for a single candidate. if any one candidate gets more than. This method is often used in voting for best player awards in sports. Each voter can vote for several most preferred candidates with a ranking. A voter"s first choice receive n votes second choice n-1 votes etc. The candidate with the highest total score is chosen: approval voting. The selection of secretary-general of the un incorporates some forms of approval voting.

Related Questions

There is an election with three candidates: Lady Left (LL), Carrie Central (CC), and Robert Right (RR). The following contains the outcomes in various two- and three-way races:

CC-100%, RR 0%

LL-0%, CC 100%

RR-51%, LL 49%

RR. 33%, LL 32%, CC: 35%

The voting system is such that first there is a three-way race. Then, if none of the three candidates win more than 50% of the votes, there is a two-way runoff election between the two candidates who won the most votes.

Explain how this voting system does or does not meet each of the properties of consistency.

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Considertwomodels for estimating, in advance of an election, the share of votes that will go to rival candidates. According to one model, pollsters surveys of a randomly chosen set of registered voters before an election can be used to forecast the percentage of votes that each candidate will receive. The first model relies on the assumption that unpaid survey respondents will give truthful responses about how they will vote and that they will cast a ballot in the election. The other model uses prices of financial assets (legally binding IOUs) issued by the Iowa Electronic Market, operated by the University of Iowa, to predict electoral outcomes. The final payments received by owners of these assets, which can be bought or sold during the weeks and days preceding an election, depending on the shares of votes the candidates end up receiving. The second model assumes that owners of these assets wish to earn the highest possible returns, and it indicates that the market prices of these assets indicate the percentage of votes that each candidate will receive on the day of the election.

Which of these two models for forecasting electoral results is more firmly based on the rationality assumption of economic?

How would an economist evaluate which is the better model for forecasting electoral outcomes?

brownshark84

True	False	Moral hazard exists when a person does not have high moral standards
True	False	Hope scholarship was aimed to make colleges more affordable
True	False	Companies who offer rebates for safe driving are trying to deal with the moral hazard problem
True	False	Past health history is an example of a hidden action
True	False	The market for lemons explains the adverse selection problem
True	False	An increase in wages increases productivity
True	False	Going to college increases your human capital
True	False	Political stability is an important factor in a country's standard of living
True	False	Immigration decreases productivity
True	False	Japan has a limited amount of natural resources
True	False	A future contract is beneficial to the farmer when prices of the commodity rise
True	False	Stocks are usually safer than bonds and have higher return rates
True	False	Value of bond increases as interest rates increase
True	False	The market efficiency hypothesis says that all stocks are fairly valued
True	False	One of the determinants of the stock price is the future profitability of a company
True	False	The majority voting rule is always better than the plurality voting rule
True	False	Politicians always agree with each other because they want to implement the same policies
True	False	The median voter decides the outcome of the election in case of a tie
True	False	Lobbyists promote policies supported by the majority of voters
True	False	The individual vote is most likely not going to determine the outcome of a major election

lavenderclam202

ECON 350 Lecture Notes - Lecture 16: Pareto Efficiency, Social Choice Theory, Approval Voting

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