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Question 1: Explain the Allais Paradox illustrating the violation of the Expected Utility Theory. Consider the paper by John Conlisk (1989). Describe the "Three Steps Allais Question" experiment and how the author proposes to solve the Allais Paradox.
Question 2: Kahneman and Tversky (1979) criticize the Expected Utility Theory as a descriptive model of decision making under risk, and they propose the Prospect Theory as an alternative model for describing risk preferences of individual decision makers. Discuss the Certainty Effect and The Reflection Effect. Illustrate the main points of the Value Function, explaining how the reference point is determined and how gains and losses are evaluated under this theory. You should graphically support your explanation of the Value Function.
Question 3: Consider the article by Imas et al. (2016). Discuss the Experimental Design. In particular, you should explain the type of experiment used by the authors, the treatments chosen and the tasks undertaken by the participants. Compare the results between Experiment 1 and Experiment 2 reflecting on the underlying theoretical predictions.
In the market in which David and Ellen have rent-controlled apartments, Ellen gets an apartment and Charlie does not. In the market with no price controls, the situation is reversed. Charlie gets an apartment and Ellen does not.
How does lobbying work in government?
Explain to your friend why you think economic efficiency needs to be integrated into her study and describe how she could do so. Since she is working on her proposal.
How responsive do you think consumers will be to the price change when these fluctuations occur due to changes in supply? Why? Use the various determinants.
Describe the public health initiative you selected to be the focus of your Scholar-Practitioner Project. Include a brief overview of the initiative and your rationale for selecting the initiative.
Let us assume that Machineries are the only type of capital that is used in the production function of a competitive firm. We also assume that the price for the products that are sold by this competitive firm is set at $5. Given the production functi..
Explain how you would use the concept of comparative advantage to allocate the players. Begin by establishing each player's opportunity cost of free throws in terms of batting average.
you have been part of the orthopedic center for 5 years. in that time you have seen the center grow and the need for
b. The firm is operating in the short run. How can you tell. What is happening to marginal product? Why? At which output level is marginal product greatest?
What have you done to ensure that you have a diversified portfolio of stock? What have you done to reduce market risk?
A company disposes of equipment that it no longer uses in its business. The amount received by the company is more than the amount the asset is carried at in the accounting records. The company will report a(n)
They seem to be aiming to please the customer by trying to find the marginal utility. The change in coupons offers an exact amount off. This could help determine the amount the customer is willing to pay.
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