Where is the policy implemented by the winning candidate

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Consider the following citizen-candidate model. Citizens have a one-dimensional policy preference , which is distributed uniformly on [0,1]. Each citizen gets higher utility the closer the implemented policy is to her preference. Each citizen votes, but she can also choose to run for office by paying a cost . After the election, the winning candidate implements her preferred policy. The utility function of citizen is thus given by:

Where is the policy implemented by the winning candidate. If nobody runs for office, then a policy is selected uniformly at random from the interval [0,1].

This problem set contains one problem in four parts. You can download a PDF of the Week 6 Problem Set assignment or view the assignment online below. Please note that you will need to submit your answers online.

Reference no: EM133727736

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