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Q. Example on Uncertainty and the policy process?
For example, if it is expected that current government will be replaced in upcoming election, and the next government will be having a different set of policy preferences, expectations on the performance of the current policy may become higher. The process becomes move complicated when current policy and its performance is used to decide the probability of success of the present government in upcoming elections. With uncertainty about the future policy, the policy outcome relation may become quite complex. Thus under symmetric incomplete information the dynamic feedback due to uncertainty severely complicates the effects of policy on its outcome. Matter is complicated further when we assume incomplete information to be asymmetric. Uncertainty about future public policy gives rise to a complex dynamical system.
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)
Alice and Bob survive on hamburgers and salads. Aliceís utility function is UA = hA(sA 1) where hA and sA are her consumption of hamburgers and salads respectively. Bobís utility
general equilibrium analysis of taxation in shven and whalley (1984) article
The term Public Economics came into existence only in 1960s however a few titleswith nomenclature such as Public Finance had already started covering much ground,which is today cov
.thoery of cost.
Metals and Melting Practices - Charging,Coke,Flux,Hearth Charging : An operation in which raw materials are added up to a furnace. Coke : An impure form of carbon that is
Case for the Market With the objective of maximising total value of output focused on observing real factors of production, through the logical 'tool of marginal produ
Suppose the firm mark up over the cost is 10% and the wage setting equation is W=P (1-u) where U is the unemployment rate. a) Find out the real wage rate implied by the price se
While getting introduced with various concepts, it would strategically be unfair to venture in to the analysis of on going policies unless a reasonable conceptual coverage has been
The essence of a national boundary is separate the ‘self' from the ‘other'. Thus natural boundaries, like all institutions have their own set of internal rules which govern their
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