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A change in the legal statute may be able to force an equilibrium if it leads to a new equilibrium which implies some revised belief which sustains the equilibrium. Tirole (1996) developed a model to study group reputation and demonstrated that an anticorruption programme of sufficient duration and severity can play in switching an economy from high corruption with sustained belief it to one with low corruption and sustained belief for it. This shift has wide spread impact on all most all the sectors of the economy.
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The coordination problem relates us to not only the levels of activities like research and developments (R&D) and investments but also to the behaviour of institutions that charact
What are the properties and limitations of GDP as a social welfare function?
Basic floor plan: There are no security guards on duty at any given time. There are three ATM's on site but none of them can see who comes and goes through the building. Cameras a
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The marginal external cost associated with the emissions of sulfur dioxide is estimated to be $30 per pound of this chemical per year. Assume that each ton of steel produced per ye
Explain the following: (Critically Depensated) Growth Function Sustainable Yield Functions Logistic Growth Function
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