Economics · Public Choice Theory
Consider the following claims about the Median Voter Theorem (MVT) and its limitations: (I) The MVT requires single-peaked preferences over a one-dimensional policy space. (II) When preferences are multidimensional, a Condorcet winner generally exists under majority voting. (III) The MVT predicts that the political equilibrium outcome equals the preference of the median voter. (IV) Log-rolling (vote trading) can produce outcomes different from those predicted by the MVT even in a one-dimensional policy space. Which statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All four
- 2II and III only
- 3I and III only
- 4I, III and IV only✓
Correct answer
I, III and IV only
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