PS 491 Politics of Everyday Life. Midterm # 2. Review Questions.

Part 1.

An article from our reading list will be randomly selected, and you will need to write about the following features of the article:

1. Main research question ( why was the article written?)
2. What is the strategy of the authors to address the questions?
3. What is the methodology used?
4. What are the key results?
5. What do YOU think are the key implications of the results. Provide your opinions.

Part 2.

Two questions will be randomly selected from the following set often, and you will need to write on any one of your choice:

1) Find Nash Equilibrium in a game with incomplete information  (a simple game will be given).

2) Describe the Condorcet  Paradox? Why is that a “paradox”. Discuss the implications.

3) How can election be modeled using Game Theory?  What does Down’s Median Voter Theorem says? Provide examples.

4) What is the Ultimatum game? What are the different variations of this game? What does game theory predict in each case?

5) What is McKelvey’s “Chaos Theorem”? How is it different from Plott’s theorem on two-dimensional voting? Discuss the implications. What is Arrow's impossibility theorem? What do all those have in common?

6) Show the game that is used to models multi-stage bargaining. Which factors affect that game’s Nash Equilibrium. What are the implications of the multi-stage  bargaining model?

7) Write about Prospect Theory and its implications for everyday life behavior. Provide examples. How can good understanding and use of prospect theory make your lives better?

8) Write about the “nuts and bolts” of laboratory experimental design. What do we use experiments for? What are important features of experiments that we run? Illustrate your answer with examples from the readings.

9) Discuss how the theoretical material learned in this class can help you in understanding of everyday life situations. Provide examples from your own life experience where, you think, the models of Game Theory can provide good insight on strategies and outcomes.

10) How does repeteadly played PD game differ from a "one-shot" PD game? Provide examples and discuss Nash Equilibria for both games..