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Suppose that economic outcomes can be classified as either good or bad. Governments differ in ability and this affects the likelihood of good outcomes. There are two types of governments: high ability or low ability. The prior probability that a government is high ability is 1/2. The probability that the economy is good given that the government is high ability is 3/4, while the probability that the economy is good given that the government is low ability is 1/4. In this case, the incumbent government can manipulate the economy and the electorate will learn (update) their beliefs about the ability of the incumbent government based on the observed state of the economy.
a) What is the probability that the government is high ability given that the economy is good? What is the probability that the government is high ability given that the economy is bad?
b) Suppose that the probability of the opposition being of a high type is 1/2. Voters vote for the government with the highest probability of being of a high type. What is the probability that the incumbent government will win an election against the opposition if the economy is good? What is the probability the incumbent government will win if the economy is bad?
One of these is deregulator or privatization of public enterprises or utilities. Deregulation is a world wide phenomenon. But experience of power failure in California and Mumbai r
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QUESTION a) How would the strategy of a firm faced with repeated games differ from that faced with sequential games? b) What do you understand by an optimal level of poll
How burden of public debt is transferred to future generations through reduced capital formation?
what are the costs and consequences of providing the subsidies and welfare?
Select a current political, social or environmental issue that is receiving coverage in the media, or choose an organisation you feel needs a better public relations approach, and
Question 1: (a) Describe and distinguish between the Linear Stages Theory and the Structural Change Models. (b) What are the limitations of each of the above two models.
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