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Author Question: Explain the Condorcet Paradox. What will be an ideal response?[br][br][b][color=#165FFA]Question ... (Read 102 times)

lunatika

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on: Jun 29, 2018
Explain the Condorcet Paradox.
 
  What will be an ideal response?

Question 2

What are compensating differentials?
 
  What will be an ideal response?


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Joc

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The Condorcet Paradox was first noted by French mathematician and philosopher Marquis de Condorcet. It shows that, when a society makes decisions by voting, transitivity in the collective preferences of voters is no longer guaranteed. The Condorcet Paradox usually applies when there is an absence of single-peaked preferences among voters.
A-head: CONFLICT OF INTEREST AND POLITICAL ECONOMY
Concept: The Condorcet Paradox

Answer to Question 2

Compensating differentials are differences in wages that result from differences in working conditions. Risky jobs usually pay higher wages; highly desirable jobs usually pay lower wages (ceteris paribus).


lunatika

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

Dominic

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Reply 3 on: Yesterday
:D TYSM

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