Free

# Political Economy - Assignment Example

Summary
This assignment "Political Economy" deals with some ideas of the political economy. It is mentioned here that following the election results, candidate A is the Condorcet winner. This is because in the two instances that A is the preferred candidate…

## Extract of sample "Political Economy"

﻿Political Economy Nash equilibrium In the first game, player s best response is in UL where he gets 3 pay offs. This is his best response since3>2. At the same instance, player B has his best response of 4 payoffs (4>3 and 3>2).
In the second game. At the same point (UL), both players have their best responses. For player 1, 3 payoffs (3>2) while for player 2, 4 payoffs (4>0).
Nash equilibrium exists when player 1’s best response is the same as that of player 2. At (UL), both players have their best responses.
2. Condorcet winner and loser
Following these election results, candidate A is the Condorcet winner. This is because in the two instances that A is the preferred candidate (ABC and ACB), the head-to-head results show that 42% of the voters prefer the candidate. This is the highest of the three.
The Condorcet loser in the elections is candidate C. The results indicates that his percentage preference in orderings (CAB and CBA) are 25% (24% +1%). This is the lowest since that of candidate B is 33%.
3.
a. The game:
i= 1, 2
si= “contributes to the public” or “does not contribute”
The two possible strategies for each players are C and NC, in two different occasions A and B.
The payoffs for player 1, gives the utility for each combination of his own choice and that of the opponent. The possible pairs of combinations are (C,A) , (C,B) , (NC,A) and (NC,B).
For player 1, suppose the payoff functions are:
(C,A) = 1
(C,B) =1
(NC,A)=0
(NC,B).=0
Those of player 2 would then be;
C,A) = 1
(C,B) =1
(NC,A)=0
(NC,B).=0
Represented as:-
Player1/Player2
A
B
C
1,1
1,1
NC
0,0
0,0
b. Nash equilibrium in pure strategies.
In pure strategies, there is a complete definition of what choices the players will make. In this game, both (A,B) and (C,NC) are Nash equilibria. At point A, both players get 1 each by playing C, and 0 by playing NC. The same case happens at point B. in pure strategies, the Nash equilibrium is when both players have their best responses in the game.
4. Electoralsystems
a. In a plurality formula the candidates would get their votes as A (15000); B (15500); C (14500); and D (5000). This is the sum of all the votes where each of the candidates is preferred over the rest. Candidate B would be favoured by the system and win with 15,500 votes. As shown by the figures, candidate A would be the runner-up with 15,000 votes.
b. Runoff system.
Total votes cast in the election are 50000. Therefore, none of the candidate makes it 40% of the votes (20,000). In a runoff, candidates A and B will be considered. Dropping candidate C would give 3500 votes to A, and 2500 to B as the second ranked.
Dropping candidate D will then give 1500 votes to A, and none to B in the same way.
The system will therefore favour candidate A, who will be the winner with 15000+3500+ 1500 votes. A total of 20,000 votes. Candidate B will be the loser and will get;
References
Ordeshook, P. C. (1987).Game theory and political theory: an introduction. Cambridge, Cambridge Univ. Press.
Diamond, L. J., &Plattner, M. F. (2006).Electoral systems and democracy. Baltimore, Johns Hopkins Univ. Press. Read More
Cite this document
• APA
• MLA
• CHICAGO
(“Political Economy Assignment Example | Topics and Well Written Essays - 500 words”, n.d.)
Political Economy Assignment Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/politics/1665959-political-economy
(Political Economy Assignment Example | Topics and Well Written Essays - 500 Words)
Political Economy Assignment Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/politics/1665959-political-economy.
“Political Economy Assignment Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/politics/1665959-political-economy.
Click to create a comment or rate a document

## CHECK THESE SAMPLES OF Political Economy

### Political Economy of Media

...? Political Economy of Media Does the technological revolution change the basic rules of media economics? The technological advancement in the 21st century has had a positive impact on the media economics. A study carried out in over 200 European cities shows that the economic growth was higher in the cities that embraced technology. The era we are in now is marked by globalization technological revolution and democratization, all these areas in one way or another impact media and communication. McChesney observes that the technological revolution does play a defining role in the media industry. He also looks at the economic and cultural globalization and their relation with the global commercial market...
9 Pages(2250 words)Essay

### Global political economy

...?Introduction Considering a thorough review is made of the global political system, only a handful of definitions are available with which to fully describe it. These definitions are as follows: imperialistic, polyarchic, or aristocratic. Conversely, currently there are many forms of governance that exist, from a high level of democracy to its complete antithesis – a controlling and repressive dictatorship. All systems of global governance have to integrate with one another at some level in order to achieve certain key goals. I take the stance that the current system of governance displayed within the world is represented as captialist imperialism. Accordingly, this analysis will seek to provide answers on the following subtopics... ....
8 Pages(2000 words)Essay

### International Political Economy

...of any of the international unions, trading operations were facilitated by common involvement in the gold systems by the international partners, regardless of their independence and colony status. Great Britain became top on the economic list of best performing countries. The country had developed massive economic, political, industrial influence, and was technically controlling more of the global market. According to Forbes (22), whereas capital controls similar to the Bretton Woods System had not yet been implemented, imbalances in capital flows were rarer than the post 1970 era. In light of its economic dominance, Britain's investment in other countries helped to control any imbalances across the world; the capital...
7 Pages(1750 words)Research Paper

### Political Economy

...What does the 'political economy' approach to the study of the Creative and Cultural Industries involve What are its advantages and disadvantages Introduction The world economy in general and the national economies in particular, in twenty first century, are more or less dominated by post-industrial knowledge-based exchanges. Primary production or manufacturing is becoming decreasingly important sectors of the postmodern economy. The importance of cultural industry is not merely limited to its economic capabilities (which is, of course, relatively strong); but also to the prominent role it has on the making and unmaking of peoples' identities,...
15 Pages(3750 words)Essay

### Political Economy

...INTRODUCTION: In this essay, I am going to look at some of the major economic theories and their assumptions especially on the need and role of government action or involvement in the economy. This analysis is based on a review of john Freebairn of the Australian car manufacturing industry. Markets are generally a system of social arrangements that allow people to gain information regarding goods and services. In addition, markets provide a framework where people voluntarily exchange their goods and services for an agreed compensation. ANALYSIS: In analyzing the Australian manufacturing industry, Freebairn uses a combination of the Keynesian and the neoclassical theories to drive his point home. The Keynesian theory,...
2 Pages(500 words)Essay

### Political economy

...Political economy: Assess the arguments for and against total debt relief. Taking all the points of view under consideration, do you think highly indebted countries should be granted full debt relief? The problem of Third World Debt has been a talking point in international political meetings for more than half a century now. The new world order that had emerged with the end of Second World War had divided the world into three distinct political groups. The first was led by the United States and its allies, the second comprised of the former Soviet Union nations and the rest belonged to the Third World – a conglomeration of economically and politically...
8 Pages(2000 words)Term Paper

### European Political Economy

...Libson Treaty The purpose of this essay is to critically assess the effects of the Lisbon treaty on the processes of political and economicintegration in Europe. Firstly, it discusses the terms of the Lisbon treaty briefly then moves on to how the Lisbon treaty can help the 27 member states of the European Union to integrate politically and economically. It also discusses briefly the roles of the EC and EP under the new treaty with regard to the incorporation of the member states. Thesis Statement and Research Methodology In this paper I will critically assess the effects of the Lisbon treaty on the processes of political and economic integration in Europe. For the purpose of research, I...
6 Pages(1500 words)Essay

### Political Economy

...and at the same time influencing an increased focused on Environmental pollution. The increase in recession and population growth has had a trickledown effect and things have been getting worse as time has gone by. The primary focus of this thesis will be the effects recession and population growth have on triggering income inequality as well as environmental pollution. Financially, the last decade or so has been a debacle for most countries around the world. The term recession has posed as a pest for most economies and has derailed the massive progress the world was making. Money was being flown out of the economic system that was being injected into it. Supplies were not meeting demands and inflation reached its...
6 Pages(1500 words)Essay

### Political economy

...POLITICAL ECONOMY Introduction Economics is a large and complex term that describes how individuals, groups, institutions and the government at large make decisions on allocation of limited resources to several competing wants. In any economy, there are always many competing wants from citizens, which the state is mandated to fulfill effectively, however, in their bid to fulfill this needs, they are always confronted by few and unlimited resources, for this reason, a choice steps in (Gregory & Stuart 2013 35). Economics has several branches that that deal with how this important economic question is answered in the fields that they represent. Political Economics According...
7 Pages(1750 words)Essay

### Political Economy

...Topic: POLITICAL ECONOMY Historically, the United s of America had the responsibility of dictating the rates of tariffs on goods brought to the country. The tariffs played a key role because it was among one of the main contributors of the government revenues. The congresses participated in serious debates in order to harmonize the rates of tariffs as it favored traders from a particular religion. The head of state was also assigned the responsibility of coming up with trade agreements and policies with other trading partners using his political influence. However, there were two landmark legislations that revolutionized the laws that guided trade in the United States of America. In 1930...
5 Pages(1250 words)Essay