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Consider a consumer with an expected utility preference with the utility function u(m) = √ m. Consider two lotteries the consumer may face:
Suppose the consumer's original income is 100.
(a) What is the consumer's expected income for each lottery?
(b) What is the consumer's expected utility for each lottery?
(c) Which lottery does the consumer prefer more?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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