Suppose a city manager finds that residents lied about the value to them of a proposed city project.This illustrates the problem of:

Question

Quizplus · Accepted Answer

The fact that residents lied about the value of the proposed city project suggests that there was a lack of preference revelation, meaning that people did not truthfully express their preferences. This highlights the need for more accurate information and methods to reveal true preferences in decision-making processes. Altruism, preference knowledge, and warm-glow effect are not directly related to this particular issue.

Suppose a City Manager Finds That Residents Lied About the Value