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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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.

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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

Page

Section 1: Public Goods

3

Section 2: Externalities

5

Section 3: Pareto-Optimality and Related Concepts

8

Section 4: Social Welfare Functions

10

Section 5: Arrow’s Impossibility Theorem and Related Ideas

13

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

15

Section 7: Logrolling

17

Section 8: Dynamics of Majority Rule and Alternative Voting Mechanisms

19

Section 9: Game Theory and Sequential Games

22

Section 10: Game Theory and Simultaneous Games

25

Section 11: The Prisoners’ Dilemma

28

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

30

Section 13: More Alternative Methods of Voting

32

Section 14: Proportional Representation

36

Section 15: Rent-Seeking

39

Section 16: Rational Ignorance

41

Section 17: Bureaucracy

45

Section 18: The Tiebout Model of Local Government

48

Section 19: The Theory of Clubs

50

Section 20: Democracies and Deficits

52

About Mr. Stolyarov

56

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 gennadystolyarovii@yahoo.com.

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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.