Define transitive preference

Reference no: EM132183945

Question - Three students are holding a vote to see which economist they should read in their study group Here are their preferences:

	John	Mary	Will
1^st choice	Prescott	Kydland	Hurwicz
2^nd choice	Kydland	Hurwicz	Prescott
3^rd choice	Hurwicz	Prescott	Kydland

(a) The students vote by majority rule. If the vote is Prescott vs Kydland, who will win? Kydland and Hurwicz? Hurwicz and Prescott?

(b) Define transitive preference. Is the aggregation of preferences by pair-wise voting transitive? Explain.

(c) They decide to vote in a single-elimination rule: two votes and the winner of the first round proceeds on to the second (final) round. Now, suppose John is in charge of deciding which order to hold the votes. He wants to make sure that his favorite economist is selected. How should John stack the order of voting?

(d) Consider Mary is not a sincere voter while the other students are; that is, Mary votes strategically while the others vote in their most preferable choice. Would the result in (c) change? Explain.

(e) Come up with an example to show which of Arrow's axioms does Borda Count violate?

Reference no: EM132183945

Questions Cloud

Diagrams to picture multiple and interacting causes : Consider how you could use multiple-cause diagrams to ‘picture’ the multiple and interacting causes that bring pressure for change where you work,

What was the most eye-opener about roots miniseries : What was the most "eye-opener" about "Roots" miniseries?

Relationships between communication and spirituality : Describe the relationships between communication and spirituality.

Define how cultures affect team management : Review at least 6 academically reviewed articles on how cultures affect team management. Present a learning outcomes from the article reviewed above.

Define transitive preference : Define transitive preference. Is the aggregation of preferences by pair-wise voting transitive? Explain. If the vote is Prescott vs Kydland, who will win

How culture and society effect media : Identify and discuss how culture and society effect media.

Subsidiary of your firm in developing country : Assume a manager of a subsidiary of your firm in a developing country has asked for advice.

Who are the key stakeholders in your process : IEM 2903 : Develop the appropriate "as-is" flowchart (this should include a flowchart that has a minimum of 15 tasks).

Discuss the challenges of maintaining information security : Discuss the challenges of maintaining information security at a remote recovery location. I recommend your initial posting to be between 200-to-300 words.

User Account

All Pages