11.15. In the model of delegation analyzed in Section 11.7, suppose that the policymakers preferences are believed...
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11.15. In the model of delegation analyzed in Section 11.7, suppose that the policymaker’s preferences are believed to be described by (11.59), with a > a, when πe is determined. Is social welfare higher if these are actually the policymaker’s preferences, or if the policymaker’s preferences in fact match the social welfare function, (11.54)?
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