Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. Individual Problems 15-1 Mr. Ward and Mrs. Ward typically vote oppositely in elections, so their votes cancel each other out. They each gain 24
1. Individual Problems 15-1 Mr. Ward and Mrs. Ward typically vote oppositely in elections, so their votes "cancel each other out." They each gain 24 units of utility from a vote for their positions (and lose 24 units of utility from a vote against their positions). However, the bother of actually voting costs each 12 units of utility. The following matrix summarizes the strategies for both Mr. Ward and Mrs. Ward Using the given information, fill in the payoffs for each cell in the matrix. For example, in the top left cell, fill in the payoffs for Mr. Ward and Mrs. Ward if they both vote. (Hint: Be sure to enter a minus sign if the payoff is negative.) Mrs. Ward Vote Don't Vote Mr. Ward: -12, Mrs. Ward -12 Mr. Ward: 12, Mrs. Ward -24 Vote Mr. Ward Mr. Ward: -24, Mrs. Ward 12 Mr. Ward: 0, Mrs. Ward 0 Don't Vote Explanation: Both Mr. Ward and Mrs. Ward each have two options: vote or don't vote. Suppose Mr. Ward votes. Then the possible payoffs are determined by the "strategy" that Mrs. Ward chooses. If she also chooses to vote (top left-hand cell), both spouses receive a payoff of 24 units of utility, but since each spouse also votes for the "opposition," both also lose 24 units of utility. Furthermore, both incur the cost of voting, equal to 12 units of utility. Therefore, the payoff for both spouses in this situation is 24-24-12=-1224-24-12=-12. Continue to assume that Mr. Ward votes. If Mrs. Ward chooses not to vote (top right-hand cell), then she receives a payoff of -24 units of utility, since Mr. Ward has voted for the opposition and Mrs. Ward has not gained any utility from voting, nor incurred the cost of voting. At the same time, Mr. Ward has gained 24 units of utility from voting, and incurred the 12 units cost of voting, but has not had his vote canceled out. Therefore, Mr. Ward's payoff for this outcome is 24-12=1224-12=12
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started