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We went through another election cycle in November 2019. The newspapers were full of stories about how much money was being spent by candidates from both parties. (a) How does the prisoner's dilemma from game theory explain this behavior? (b) One media story about a Republican-held legislative seat on Virginia's Eastern Shore reported that the Virginia Democrats had more money to spend than Virginia Republicans and deliberately were forcing the Republicans to deplete their treasury by they (the Democrats) spending more money on races for seats previously thought to be safe Republican seats (like the one on the Eastern Shore). Explain this reasoning. (c) Would both political parties be better off if they agreed to spend less money on advertising and/or the law required them to do so?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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