Free Tools for Rational Education

Free Study Guide on Public-Choice Economics

G. Stolyarov II
First Edition Published November 2008
Second Edition Published April 2012
Third Edition Published July 2014
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Click here to download a free PDF copy of the Third Edition of this study guide.

Ceremonial plastic sword, awarded to Mr. Stolyarov in 2008 for receiving the highest grade in Professor Gary Wolfram’s Public Choice Economics course at Hillsdale College.



Ceremonial plastic sword, awarded to Mr. Stolyarov in 2008 for receiving the highest grade in Professor Gary Wolfram’s Public Choice Economics course at Hillsdale College.

Table of Contents



Section 1: Public Goods


Section 2: Externalities


Section 3: Pareto-Optimality and Related Concepts


Section 4: Social Welfare Functions


Section 5: Arrow’s Impossibility Theorem and Related Ideas


Section 6: Wicksellian Unanimity and James Buchanan’s and Gordon Tullock’s Ideas on Optimal Majorities


Section 7: Logrolling


Section 8: Dynamics of Majority Rule and Alternative Voting Mechanisms


Section 9: Game Theory and Sequential Games


Section 10: Game Theory and Simultaneous Games


Section 11: The Prisoners’ Dilemma


Section 12: The Hotelling-Downs and Smithies Models of Voting


Section 13: More Alternative Methods of Voting


Section 14: Proportional Representation


Section 15: Rent-Seeking


Section 16: Rational Ignorance


Section 17: Bureaucracy


Section 18: The Tiebout Model of Local Government


Section 19: The Theory of Clubs


Section 20: Democracies and Deficits


About Mr. Stolyarov


Gennady Stolyarov II (G. Stolyarov II) is an actuary, science-fiction novelist, independent philosophical essayist, poet, amateur mathematician, composer, and Editor-in-Chief of The Rational Argumentator, a magazine championing the principles of reason, rights, and progress. 

In December 2013, Mr. Stolyarov published Death is Wrong, an ambitious children’s book on life extension illustrated by his wife Wendy. Death is Wrong can be found on Amazon in paperback and Kindle formats.

Mr. Stolyarov has contributed articles to the Institute for Ethics and Emerging Technologies (IEET), The Wave Chronicle, Le Quebecois Libre, Brighter Brains Institute, Immortal Life, Enter Stage RightRebirth of Reason, The Liberal Institute, and the Ludwig von Mises Institute. Mr. Stolyarov also published his articles on Associated Content (subsequently the Yahoo! Contributor Network) from 2007 until its closure in 2014, in an effort to assist the spread of rational ideas. He held the highest Clout Level (10) possible on the Yahoo! Contributor Network and was one of its Page View Millionaires, with over 3.1 million views. 

Mr. Stolyarov holds the professional insurance designations of Associate of the Society of Actuaries (ASA), Associate of the Casualty Actuarial Society (ACAS), Member of the American Academy of Actuaries (MAAA), Chartered Property Casualty Underwriter (CPCU), Associate in Reinsurance (ARe), Associate in Regulation and Compliance (ARC), Associate in Personal Insurance (API), Associate in Insurance Services (AIS), Accredited Insurance Examiner (AIE), and Associate in Insurance Accounting and Finance (AIAF).

Mr. Stolyarov has written a science fiction novel, Eden against the Colossus, a philosophical treatise, A Rational Cosmology,  a play, Implied Consent, and a free self-help treatise, The Best Self-Help is Free. You can watch his YouTube Videos.Mr. Stolyarov can be contacted at

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Learn about Mr. Stolyarov's novel, Eden against the Colossus, here.

Read Mr. Stolyarov's comprehensive treatise, A Rational Cosmology, explicating such terms as the universe, matter, space, time, sound, light, life, consciousness, and volition, here.

Read Mr. Stolyarov's four-act play, Implied Consent, a futuristic intellectual drama on the sanctity of human life, here.