课程名称：财政学 课程性质：选修 课程范围：偏好显示机制、投票理论、外部性 开课教师：罗光达 开课学院：社科院 开课系级：财政系 考试日期(年月日)：2012/1/8 考试时限(Mins)：100分 试题本文： Guidance: 1. Do all questions and write legibly on the answer book. 2. Total points = 100; Suggested time = 100 minutes (16:10~17:50). 3. Please keep your original copies of midterm/final, in case you need them to correct your scores. 1.(15 points, 5/10) (1) Why does the presence of a public good result in market failure? (2) What is preference revelation mechanism? Please explain graphically the preference revelation mechanism proposed by Groves and Loeb (1975). 2.(15 points) There are five individuals (1, 2, 3, 4, and 5) who rank their preferences about the quantities of public goods A=5, B=10, C=15, and D=20 as follows. Please identify who has a single or multiple peaked preference. Ind. 1: C>B>D>A Ind. 2: D>B>C>A Ind. 3: A>C>B>D Ind. 4: A>C>D>B Ind. 5: A>D>C>B 3.(20 points, 5/8/7) Suppose the marginal willingmess to pay (MWTP) or say demand curves for a public good of Individual 1,2,3,4 and 5 are given by the schedules as follows: MWTP1 = 160-Q; MWTP2 = 150-2Q; MWTP3 = 200-2Q; MWTP4 = 200-5Q; MWTP5 = 250-5Q A unit of this public good can be produced of a constant cost of $500 and the government finances the expenditure with a per capita tax so that each voter pays the same fraction of the marginal cost of a public good. (1) What are the most preferred quantities by each individual? Who is the median voter? (2) Suppose these five individuals vote sequentially on issues of whether to increase or decrease the units of this public good based on the answers of (1). In each case, a simple majority of the voters is needed to approve. How many units of this public good would be approved? Explain it clearly. (3) Is this voting outcome efficient? Why? 4.(20 points, 8/7/5) (1) What is "Coase Theorem"? What are its limitations? (2) Suppose we can measure in dollars the daily benefits to being married or divorced to Brad Pitt and Angelina Jolie. According to the following information, this Hollywood couple will stay married or get divorced under (a) fault rule, and (b) non-fault rule? You have to explain why. (3) If under the non-fault rule, Angelina Jolie has to pay $50 to her lawyer, how does it affect their decision? Fault rule: The one who wants to divorce has to pay money to the other party. Non-fault rule: The one who doesn't want to divorce has to pay money to the other party Brad Pitt Angelina Jolie Married $150 $180 Divorced $200 $100 5.(15 points, 5/5/5) Kenneth Arrow (1951) proposed a famous and interesting theorem called "Arrow Impossibility Theorem". Please answer the floowings: (1) Please write down and explain the assumptions of this theorem. (2) Why is it called Arrow "impossibility" theorem? (3) Why does someone also call it Arrow "possibility" theorem? 6.(15 points, 5/5/5) Please briefly but precisely explain the following terms: (1) Network externality (2) Logrolling (3) Plurality voting rule Please return the question sheet with your answer book --

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