5. The ____________________________ holds that people will not vote if the costs of becoming informed and voting are too high, or they feel their vote will not be decisive in the election.

a. theory of rational observance

b. theory of rational ignorance

c. theory of herd behavior

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Knowing about Public Economy

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Raushan RajLv8

2 Nov 2020

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a) Suppose that d = r = 1. Write out the normal form game table, tell what game this is, and determine the Nash equilibrium.

b) Now Suppose d = r > 1, find the set of Nash equilibria. Hints: Is there any NE in which everyone votes? Is there any NE in which there are a tie and not everyone votes? Is there any NE in which one of the candidates wins by one vote? Is there any NE in which one of the candidates wins by 2 or more votes?

c) Now Suppose d < r, find the set of Nash equilibria.

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D democrats and r Republicans are voting in the US Presidential election. Each person decides whether to vote or not vote. The voters get a payoff of 2,1,0 if their preferred candidate wins, ties, or loses (respectively). Voters that vote incur a cost of 0 1, find the set of Nash equilibrium. Hints: Is there any NE in which everyone votes? Is there any NE in which there are a tie and not everyone votes? Is there any NE in which one of the candidates wins by one vote? Is there any NE in which one of the candidates wins by 2 or more votes?

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b) Now Suppose d = r > 1, find the set of Nash equilibrium. Hints: Is there any NE in which everyone votes? Is there any NE in which there are a tie and not everyone votes? Is there any NE in which one of the candidates wins by one vote? Is there any NE in which one of the candidates wins by 2 or more votes?

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What is the major difference between the capture theory of regulation and the public interest theory of regulation?

A. The public interest theory of regulation holds that regulators seek to benefit the general public through regulations. The capture theory of regulation holds that no matter what the intent of the regulators, those who are supposed to be regulated will end up controlling the regulatory agency.

B. The public interest theory of regulation predicts that the outcomes of the regulatory process will tend to favor the regulators instead of either business interests or the public. The capture theory of regulation proposes that industry representatives are more heavily represented at regulatory hearings because they have been captured by announcements of hearings.

C. The public interest theory of regulation predicts that the regulators will act in their own self-interest. The capture theory of regulation proposes that regulators once worked in the industry and are therefore captured by their previous employers.

D. The public interest theory of regulation holds that the interests of the regulated will be served, whereas the capture theory of regulation holds that the public interest will be served.