Use the Following Information to Answer the Questions:
Seventeen $\quad$

question 68

Short Answer

Use the following information to answer the Questions:
Seventeen board members vote on four candidates, A, B, C, or D, for a new position on their board. Their preference schedules are shown below. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Number of members }$
$\begin{array} { l c c c } & 7 & 6 & 4 \\\text { First choice } & \mathrm { A } & \mathrm { D } & \mathrm { C } \\\text { Second choice } & \mathrm { B } & \mathrm { A } & \mathrm { B } \\\text { Third choice } & \mathrm { C } & \mathrm { B } & \mathrm { D } \\\text { Fourth choice } & \mathrm { D } & \mathrm { C } & \mathrm { A }\end{array}$
-Which candidate will be selected if they use the Hare system?

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Definitions:

Pareto Optimal Allocations

A situation where resources in an economy are allocated in such a way that it is impossible to make any one individual better off without making at least one individual worse off.

Trade

The exchange of goods, services, or both between two or more parties.

Numeraire Good

An economic term referring to a benchmark commodity or asset used to compare the value of other goods or assets.

Utility Function

A utility function is a mathematical representation used in economics to model satisfaction or preference regarding goods or services by consumers.