Define a fair decision rule as rule

Assignment Help Business Economics
Reference no: EM13769444

When several people have to decide about a single yes/no issue*, the natural decision rule to use is the majority rule.

But when there are many issues to decide upon, the majority rule is "unfair" in the following sense: it is possible that the majority's opinion will be accepted on all topics and the minority's opinion will not be accepted on any topic. As an extreme example, it is possible that 51% of the population will decide about 100% of the issues.

I am looking for a decision rule which prevents this unfairness.

Formally, define a "uniform group" as a group of people who always vote in the same way. Define the "acceptance rate" of a uniform group as the percentage of issues on which the opinion of the uniform group got accepted.

Define a "fair decision rule" as a rule for which, for every uniform group containing X percent of the population, the acceptance rate tends to X when the number of issues tends to infinity.

MY QUESTION IS: Does there exist a fair division rule as defined above?

(* I restrict the question to yes/no issues, since when the issues are not binary the problems are much more complicated).

Reference no: EM13769444

Questions Cloud

What areas of your life require more diligence : What areas of your life require more diligence and a greater commitment for you to feel accomplished? What will help you keep motivated next time you face a challenge?
What point do banks suddenly start borrowing money : What point do banks suddenly start borrowing money from the Fed? And what are they doing with the borrowed money? Is it sitting in their excess reserves, or are they using it to offset other assets that have devalued?
Security measures to prevent counterfeiting : What's the point of creating new bills with more security measures to prevent counterfeiting? If the old bills are still acceptable as currency, why would anyone even try to counterfeit new banknotes with all these security features?
Osha publication on job hazard analysis : Reflect on what you learned in this unit within Safety Engineering. Describe something that you had difficulty with and where you think the difficulty lies.
Define a fair decision rule as rule : When several people have to decide about a single yes/no issue*, the natural decision rule to use is the majority rule. it is possible that the majority's opinion will be accepted on all topics and the minority's opinion will not be accepted on any t..
How the figure of the zombie infects american consciousness : Describe in detail how the figure of the zombie "infects" (or enters into) american consciousness. When does it ultimately appear in its contemporary form?
Capital gains taxed differently than wage income : Why is income from capital gains taxed differently than wage income? There are perhaps historical, practical, and theoretical reasons. What are they?
Conventional stance regarding the use of absolute value : This is a point I find very confusing and very hard to justify to students. Depending on the books, one finds many different conventions regarding the sign of elasticities and marginal rate of substitution (MRS). Some define them taking absolute valu..
Does management monitoring become unethical : Do you believe managers are justified in monitoring employees and should managers always alert workers about monitoring?

Reviews

Write a Review

Business Economics Questions & Answers

  How does the market arrive at an equilibrium

What determines market prices, assuming a competitive market and there are no artificial restrictions in the market? How does the market arrive at an equilibrium?

  Solow growth model

The Solow Growth Model. In 2010, Japan was a large open economy with perfect capital mobility that was at its steady state.

  Illustrate what principles should guide policy makers

Illustrate what principles should guide policy makers. Should they cut spending and raise taxes to reduce the national debt over time. Or does the level of the national debt really matter.

  Country imposes a countervailing tariff

Suppose, on the other hand, that the second country retaliates with an export subsidy of its own.

  Cite at least two other ways which consumers goods

Defenders of communist economic systems may point out that consumers pay lower prices for certain goods because the government imposes a limit. Cite at least two other ways which consumers may be paying for these goods

  Find net exports and solve for the level of aggregate demand

Consumption is $6 trillion, investment is $2 trillion and government purchases are $2.5 trillion. The country exports $1 trillion and imports $1.5 trillion. Find net exports and solve for the level of aggregate demand.

  Elucidate what is an economic system

Elucidate what is an economic system in which economic decisions are controlled by the internal interaction of suppy and demand.

  Explain why are changes in inventories included as part

Explain why are changes in inventories included as part of investment spending

  Characteristics facilitate embracing accidents

What organizational characteristics facilitate embracing accidents as sources of innovative products and services? Consider 3M and Post-it Notes.

  Make sure to focus on results of the decision rather than

Bill Simmons is the manager of a small restaurant and must decide how much money he owes his suppliers. The best way for Bill to approach this as a critical thinker is to

  Equilibrium quantity-equilibrium price

Suppose demand and supply are given by Qd = 40 - P and Qs = 1.0P - 20. What are the equilibrium quantity and price in this market? Equilibrium quantity: Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude..

  Commuting by bus and train as perfect substitutes

Jack sees commuting by bus and train as perfect substitutes (U = B + T), that is, he would exchange one commute by bus for one commute by train. The price of a bus ticket is $1.50 and the price of a train ticket is $ 2.00. Jack has $6.00 to spend on ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd