9.13. (a) In the model of reputation analyzed in Section 9.5, is social welfare higher when the...
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9.13.
(a) In the model of reputation analyzed in Section 9.5, is social welfare higher when the policymaker turns out to be a Type 1, or when he or she turns out to be a Type 2?
(b) In the model of delegation analyzed in Section 9.5, suppose that the poli- cymaker's preferences are believed to be described by (9.23), with a' >
a, when 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, (9.9)?
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