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1. Define Efficiency Pareto optimality. One issue that economists have is that in a sense people's preferences can change over time. Some of this may involve neurologicalbiological changes which economics hasn't dealt much with. But lots of the change involves learning new things over time. How would you define pareto optimalityin an environment where people can learn about the quality of products over time. Can you think of two definitions taken at different moments relative to the learning about the product. If you are a policy maker what do you do if these conflict? Can you give an example?
2. Think about the same issue but think about how preferences change as your human capital as future earning potential changes. How much the defiition of Pareto optimality accomodate that? How do the policy issues compare here to the above? Here is a deep extension. Let's say in the future you anticipate your preferences may change in a way that your current self dislikes. How should Pareto optimality/efficiency and policy accomodate that? Can you give an example?
3. In modern philosophy, fairness is typically bookended by two different academic models: John Rawls, believed that fairness should be measured based on a "veil of ignorance" when you didn't know your position in society and from an extremely risk averse point of view that you were heavily concerned you might end up in a very low status position. Robert Nozick, believed fairness was based on consent and that fairness was based on voluntary trades from a hypothetical world in which you possessed certain property and each individual policy change from that state could not be supported by coercion from whatever the previous status quo was, though he allowed that in the initial status quo you may have your property stolen by stronger neighbors. Are both definitions of fairness, a subset of Pareto optimal (efficient) allocations? How would you adjust the definition of Pareto optimality to account for both of these. In the Nozick case, how do you account for the idea that policy ideas that are consensual may emerge from a coalition of individuals short of the entire population?
What are the three stages of a financial crisis? Briefly explain how each stage played out differently during either the Great Depression or the Crisis of 2008.
How do local zoning ordinances try to promote land uses that generate external benefits for neighbors Why have authorities found it so difficult to regulate the fishing in the open ocean to allow for a sustainable yield
Explore the concept of cost effectiveness analysis. Then, explain how this might be used to measure overall public health benefit.
patricia is researching venues for a restaurant business. she is evaluating three major attributes that she considers
The problem belongs to Economics, particularly to Micro-economics and it is discuss about a scenario where a manager of a firm has to find costs of different levels of output with the given data of total cost and fixed cost.
Rends in Non-store Retailing
In the final round of a TV game show, contestants have a chance to increase their current winnings of 1 million dollars to 10 million dollars. If they are wrong, their prize is decreased to $100,000. To win, they have to guess the exact percentage th..
Write the monopolist's profits as a function of output and the exogenous variables and find the first- and second-order conditions for a profit maximum - Find the change in L for a change in r when all other parameters are constant.
Jonathan has a utility function expressed as u=w0.3 where w is his wealth. Jonathan currently has $100. If Jonathan is confronted with a gamble that has a 10% chance of paying out $20 and a 90% chance of paying $0, what would be his expected u..
Go to the Bureau of Economic Analysis website, www.bea.gov, and access the BEA interactively by selecting "National Accounts" and then "National Income and Product Account Tables."
What are the factors that would influence the Federal Reserve in adjusting the discount rate and how does the discount rate affect the decisions of banks in setting their specific interest rates?
1. if the economy is to have significant built-in stability then when real gdp increases the tax revenues shoulda. fall
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