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Question: 1. Kidneys on Amazon? There are three conventional approaches to regulation: Command-and-control, Pigouvian, and property-rights based approach. There is also a fourth approach to "regulation" - the one that relies on norms and customs, and one I introduced in class based on Ellickson 1999. Describe the current method for allocating kidneys to those who need them. Acknowledge the illegal trade of kidneys in your discussion. Do a cost-benefit analysis of the four methods, explain how each would work, tabulate decision costs and error-costs and recommend the ‘best" approach to maximize social welfare. I have included two Wall Street journal readings on the topic of kidneys. Read: Winston 2006; also helpful: Dudley & Brito 2012. Ostrom 2000;
2. Quis custodiet Ipsos custodes? [Who watches the watchman?] Explain regulatory capture; draw from the assigned podcasts to illustrate. Why is this a problem? What are public goods? Explain why public goods will be underprovided? Why is oversight of government regulatory agencies considered a public good? Relatedly, if it is a public good to watch the watchers - how can we arrive at the optimal level of watching? Read: Winston 2006; also helpful: Dudley & Brito 2012; also Teles 2010.
3. When Excluding Makes Sense. It has been noted that a number of private marine fishery organizations historically implemented its own conservation minded catch limitations. But they ran into trouble under the antitrust laws. Explain the essence of antitrust; explain the essence of conservation regulation. Explain how antitrust conflicts with conservation. Read Adler 2004; Read Yandle 1998.
4. Ceasar's Wife. Are regulators immune from decision-making foibles? What are behavioral decision-making heuristics and biases? Define and discuss the relevance of what Slavisa Tasic calls "the illusion of regulatory competence" for regulatory decisionmaking. Read: Tasic 2013; Teles 2010
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
john operates a small business out of his home and has very little in terms of fixed costs. answer the next questions
Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. What impact do you suppose farm subsidies are likely to have on the following?
Malaysia Passes Its First Minimum Wage Law About 3.2 million low-income workers across Malaysia are expected to benefit from the country's fi rst minimum wage.
How does the critical value of the discount factor depend on the degree of product dif- ferentiation r ? What does r = 1 imply about the relationship between the two goods?
Show that elasticity can be expressed as a constant times the change in the log of quantity divided by the change in log of price, Find constant A.
Public goods tend not to be sold in the marketplace because:
In what way is Per Capita GDP a better measure of economic well being than GDP?
Using a supply and demand diagram, illustrate the effects of the tariffs imposed on imported steel by the United States. How will these tariffs affect American manufacturers and consumers?
Assume that bank deposits (D) are $3,200 billion, the required reserve ratio is 10%, and currency in circulation is $400 billion. What can the Fed do (in terms of open market operations) to lower the money supply by $100 billion? Explain. (Note assum..
If Pepsi advertises and Coca-Cola doesn't, Pepsi earns a profit of $900 million and Coca-Cola earns a profit of $400 million. If Coca-Cola wants to maximize profit, will it advertise? Briefly explain.
If Bianca advertises, will her average total cost increase or decrease at the quantity produced?
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