Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. Strength can be weakness. A three-person committee has to choose a winner for a national art prize. After some debate, there are three candidates

image text in transcribed
4. \"Strength can be weakness\". A three-person committee has to choose a winner for a national art prize. After some debate, there are three candidates still under consid- eration: a woman who draws antelope in urban settings, a man who makes rectangular lead boxes, and a woman who sculpts charcoal. Lets call these candidates a, b and c; and call the committee members 1,2 and 3. The preferences of the committee members are as follows: member 1 prefers a. to b and b to 0; member 2 prefers c to a and a, to b; and member 3 prefers b to c and c to a. The rules of the competition say that, if they disagree, they should vote (secret ballot, one member one vote) and that, if and only if the vote is tied, the winner will be the candidate for whom member 1 voted. Thus, it might seem that member 1 has an advantage. (:1) Consider this voting game. Each voter has three strategies: 3, b, or c. For each voter, which strategies are weakly or strictly dominated? [Hints Be especially careful in the case of voter 1. To answer this question, you do not need to know the exact payoffs: any payoffs will do provided that they are consistent with the preference orders given above. To answer this question, you do not have to write out matrices]. (b) Now consider the reduced game in which all weakly and strictly dominated strategies have been removed. For each voter, which strategies are now weakly or strictly dominated? What is the predicted outcome of the vote? Compare this outcome to voter 1's preferences and oonunent

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Water Pollution Economics Aspects And Research Needs

Authors: Allen V Kneese

1st Edition

1317387554, 9781317387558

More Books

Students also viewed these Economics questions