final

Question 1

CAP

Answer 1

-Collective action problems are at the center of the government.
-occur within government Decision-making
-Joint action problems arise when Individuals hold their preference

Question 2

how to overcome a cap

Answer 2

institutions
-An institution consists of Credible rules and procedures for decision-making.
-Institutions are any form of constraint that humans devise to shape human interaction.

Question 3

Formal Institutions

Answer 3

Set formal rules with explicit Consequences. Violating a formal institution could mean a speeding ticket, jail, and censure in Congress, among (many) others.
Consequences for not following through Speaks to a government authority (the right to make a decision) and power (influence)

Question 4

Informal Institutions

Answer 4

Conventions and codes of behavior violation of an informal institution would be “social taboo” and could lead to social exile.

Question 5

transaction costs

Answer 5

Time, energy, and resources are needed to come to a collective agreement. Framers designed a constitution with high transaction costs for alterations

Question 6

conformity costs

Answer 6

Costs incurred by individuals and politicians to conform to collective decision-making.