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Economics 1/31/11

Economics 1/31/11. Do now: Chose a candidate from each table to act as Chief of the Class. Line the candidates up along the wall. Class will vote on who will represent their interests. Public choice:. Elected official: Would you like to have a Test or a paper on the Unit on Externalities?

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Economics 1/31/11

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  1. Economics 1/31/11 Do now: Chose a candidate from each table to act as Chief of the Class. Line the candidates up along the wall. Class will vote on who will represent their interests.

  2. Public choice: • Elected official: • Would you like to have a Test or a paper on the Unit on Externalities? • Class must remain silent.

  3. Public choice- Vocabulary • Voting paradox: • Example: • Median voter model: • The repositioning of a candidate’s views to match the median voter. • Logrolling: • The trading of votes in order to get legislation passed that favors a minority. • Rational Voter ignorance: • Voters have low incentive to be fully informed

  4. Public Choice- Examples • Voting paradox: • Consider the following scenario: Three students are all running for the afore mentioned “chief of the class” position. A, B and C are the candidates. Given 2 optionsd, the class would chose A over B, B over C. how would they chose if B ran against C? • Median voter model: • The candidates are trying to win votes. What do you say?

  5. Public choice- Examples 2 • Logrolling: • Table 3 Vs. Table 1: how can you help one another? • Rational Voter Ignorance: • Voters remain ignorant because their vote barely matters. Cost/Benefit is grossly mismatched.

  6. Public choice and Public goods How are public choice and public goods related?

  7. For Tonight: If your group has not yet fixed the assignment from last Thursday, please do so. Miss R will be available for extra help Wednesday and Thursday nights.

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