1. If when asked how much he or she would pay to have parcel of land set aside for a park, the person answers with a low number deliberately to influence the decision, that is an example of: Group of answer choices political bias strategic bias starting point bias information bias 2. If when asked how much he or she would pay to have parcel of land set aside for a park, the person answers with a low number because the description of the property was presented poorly, this is an example of... Groun of answwer choices
Q: Agenda Setting: An agenda-setting game is described as follows. The “issue space" (set of possible…
A:
Q: Prisoners' Dilemma: Which one of the following description is CORRECT according to the Normal Form?…
A: Prisoners’ dilemma is a game theory that explains the reason why it is not possible to achieve the…
Q: A new government lottery has been announced. Each person who buys a ticket submits an integer…
A: Chloe should choose the number 25. We choose 25/2 = 12.5 (rounded to 13).
Q: Following payoff table (Table 1) shows profit for a decision analysis problem with two decision…
A: Under the optimistic approach of decision game, the firm chooses the option in which it has the…
Q: Suppose Faith and Mickey are playing both dictator and ultimatum games. Faith is the…
A: Meaning of Game Theory: The term decision theory or game theory refers to the situation under…
Q: Which of the following is NOT one of the four steps for making good strategic decisions? A. Assume…
A: A. This is correct option. Strategy Should be based on your own actions,others action can't be the…
Q: Problem 1: For each of the following three scenarios state whether these are examples of moral…
A: Moral Hazard:- Moral hazard happens when a person participates in a risky situation knowing that it…
Q: Marie and Mike usually vote against each other’s party in the SSC elections resulting to negating or…
A: Answer- Need to find- Can you explain the scenario above Given in the question- Marie and Mike…
Q: The four candidates in an election are each supported by a different political organization, as…
A: If a report is made public that speaks highly of Emily Jones.
Q: Say that you are bidding in a sealed-bid auction and that you really want the item being auctioned.…
A: a. The highest bid-auction is the process of auctioning the commodity or service to the one who…
Q: You prefer a fifty-fifty chance of winning either $100 or $10 to a lottery in which you win $200…
A: The von Neumann–Morgenstern (VNM) utility theorem in decision theory states that, given certain…
Q: Consider the finite horizon alternating offer bargaining game we studied in lecture. Players 1 and 2…
A: In microeconomics, the concept of game theory has a unique SPNE which describes the situation where…
Q: An industry "cluster" arises because of the increase of productivity of the firms participating in…
A: An industry "cluster" refers to many industries popping up at the same place i.e. nearby each other…
Q: You and your partner are choosing how much effort to put towards a group project for a course. You…
A: Given pay off equation Your payoff=72YP-Y^3 Partners payoff=72YP-8P^3 Your cost id lower=Cy Partners…
Q: Two players: The employee (Linda) and the employer (Vera). Linda has to choose whether to pursue…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: True or false 1. A perceived disadvantage of Rawls's social justice theory is that it does…
A: since you have asked multiple questions and according to our policy we can only solve the first…
Q: During the Auction session, Tony was so drunk that he didn’t know what he was doing, bid…
A: In the given case, main issue is about the legitimacy of contract made by a drunken person…
Q: Consider the following compound lottery, described in words: "The probability that the price of…
A: Probability can be characterized as the proportion of the number of positive results to the absolute…
Q: Question 5 Rational Ignorance tells us that politicians look for issues that benefit whose costs are…
A: Rational ignorance: If we consider the example of voting then in order to give votes and choose good…
Q: Question 1 A crime is witnessed by 3 citizens. Every citizen would like the police to be informed…
A: We are going to find Pure Strategy Nash Equilibrium & Mixed Strategy Nash Equilibrium to answer…
Q: When consumers were given the opportunity to select a package of ground beef labeled “75% lean” or a…
A: The fact given in this case is that when the consumers were given two different options, they…
Q: 4. Consider the following variant of the Prisoner's Dilemma game: Player 1 is unsure whether Player…
A: Given information Probability of player 2 is selfish=p Probability of player 2 is nice=1-p Pay off…
Q: Question 2 Consider the sequential game in which the principal P first makes her choice between…
A: Answer -
Q: What might happen if a car dealership is awarded a bonus by the manufacturer for selling a certain…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Fund-raising party. Each of the 1,200 participants at a fund-raising event can choose a raffle…
A: Since you have asked a question with multiple parts, we will solve the first question for you. If…
Q: You and your partner are choosing how much effort to put towards a group project for a course . You…
A: There are two players : Player y & Player p Player Y payoff = 60yp - y3 Player P payoff = 60yp…
Q: 1. The Dean of Columbia College is looking for a tenured professor to teach in the Core Curriculum.…
A: Let the bids made by two professors be : b1 & b2 Also the their valuations for the bid be :…
Q: Experiment 1:ultimatum overview paired into groups of two; one is the Proposer, the other the…
A: Introduction We have given an experiment of ultimatum game and another experiment of split the…
Q: County 2 Left -10, -10 -100, -100 Right -100, -100 -8, -8 Left County 1 Right The numbers in each…
A:
Q: Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The…
A: The concept that depicts the situation where the optimal outcome would be when there exists no…
Q: 1. You have probably had the experience of trying to avoid encountering someone, whom we will call…
A:
Q: Which of the following statements is correct? a. The outcome that maximizes the fully informed…
A: Option b is the correct option in the context of the question. Asymmetric information: In the real…
Q: Supply & Demand In supply (and demand) problems, y is the number of items the supplier will produce…
A: We are going to use linear equation systems to answer this question.
Q: Two athletes of equal ability are competing for a prize of $10,000. Each is deciding whether to take…
A: A Nash equilibrium illustrates a solution for a non-cooperative game involving two or more players…
Q: 1. The Dean of Columbia College is looking for a tenured professor to teach in the Core Curriculum.…
A: Let the bids made by two professors be : b1 & b2 Also the their valuations for the bid be :…
Q: A "Prisoner's Dilemma" is a situation in which both parties: a) have an incentive to…
A: ANS The Prisoner’s Dilemma is a game in which it is shown that why two rational individuals may end…
Q: Economics Describe possible ethical issues about privacy as a result of business and government use…
A: Because humans do not always make what neoclassical economists believe to be the "rational" or…
Q: Victoria founded a start-up several years ago, together with her Macedonian friends. At first, she…
A: The satisfaction or pleasure that consumers get from consuming a commodity or service is referred to…
Q: Consider the simple model of law enforcement where there are only monetary sanctions, people are…
A: Social costs refers to the cost to society. It is the sum of private cost and external cost of the…
Q: This payoff matrix represents the choices of two large universities in the Dallas area. The numbers…
A: Payoff matrix is a table that gives the playoffs from all the strategies open to an organization and…
Q: Are these statements true or false? Provide a detailed explanation as to how you arrived at your…
A: If someone has linear indifference curves between contingent commodity bundles, then they must be…
Q: her money on share market, Mila filters out the information that contradicts her original idea about…
A: A)Anchoring Trap - Anchoring Trap is an over-reliance on what one originally thinks. Here, Mila…
Q: Ahmed is an agent for Bader for maintaining Bader’s antique cars collection, including sale and…
A: It is important to first analyse and understand the requisites of an agency. For this we need to…
Q: [Cheap Talk] Two players must decide whether to implement a project, which has gross value v E…
A: (a) There are two players here one is a sender and another one is the decider and they must decide…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What are four responses to the claim that people should not behave in the way described in this chapter?Suppose the administration of a University that is located a high-crime urban area mustdecide on a policy to increase policing on its campus. The student population is 10,500 students but iscould increase if crime is reduced. The cost of added policing in terms of additional salary and equipmentis estimated to be $2.4 million per year. Suppose the administration plans to make their decision with thehelp of a benefit cost analysis of the policy. VSL is $11.8 million a. Explain how the concept of Value of a Statistical Life might factor into a benefit cost analysis of thispolicy. b. How many lives would need to be save to justify the added policing costs if only prevented deathswere considered as the policy benefit? c. Suppose it is believed that student enrollment will increase in the future if crime on campus is reduced.Write a formula to calculate the present value of benefits of policing if student enrollment increases by4% each year.In an election debate, two candidates for governorare debating about whether to raise the generalsales tax from 5 to 7 percent. One argues that thiswould increase tax revenues, enabling the stateto maintain essential services. The other arguesthat the tax would hurt retailers and consumers,and would actually slow down the economy somuch that it would decrease tax revenues too.Restate these candidates’ positions in economicterminology, and explain what assumptions theymust be making in order to justify their differentpositions, in terms of price and quantity effects
- Every year the residents of a historical town gatherto determine how much to spend on their park,10 percent or 15 percent of the budget. If everyonevotes for the same percentage, they will spend thatamount, unless the year before everyone voted forthe opposite percentage, in which case they spend theaverage of the two. What characteristic of the idealvoting system is violated in this example?Jackie moved to Spain to work for a public relations firm. She had health insurance from herprevious employer, but she was surprised to learn that her new employer in Spain did notoffer healthcare coverage. When she asked about this, she was told that more than 90percent of Spaniards use the public healthcare system, which was mostly free. However,her new employer did provide supplementary private health insurance that would allow herto receive quicker care from a private hospital if she desired.Jackie learned that she would be paying 4.7 percent of her salary and her employerwould pay 23.6 percent of her salary to the government for health insurance. She was given a Tarjeta Sanitaria Individual health card to prove that she had health insurance. With this,she could get free care at public hospitals and doctors’ offices. However, before seeing adoctor, she would need to register with a local primary care physician and decide whethershe would use public or private payment. If she needed…Jackie moved to Spain to work for a public relations firm. She had health insurance from herprevious employer, but she was surprised to learn that her new employer in Spain did notoffer healthcare coverage. When she asked about this, she was told that more than 90percent of Spaniards use the public healthcare system, which was mostly free. However,her new employer did provide supplementary private health insurance that would allow herto receive quicker care from a private hospital if she desired.Jackie learned that she would be paying 4.7 percent of her salary and her employerwould pay 23.6 percent of her salary to the government for health insurance. She was given a Tarjeta Sanitaria Individual health card to prove that she had health insurance. With this,she could get free care at public hospitals and doctors’ offices. However, before seeing adoctor, she would need to register with a local primary care physician and decide whethershe would use public or private payment. If she needed…
- Willa and Lora are playing the dictator game. Let ww and wL be the amount of money Willa and Lora receive in the game, respectively. Willa plays the role of the dictator and must decide how to split $10. Suppose Willa’s preferences are given by U(ww,wL)=ww (second letters are subscripts). How much will Willa keep and how much will she give to Lora? Explain your answer in one or two sentences. Suppose instead that Willa’s preferences are given by U(ww,wL)=min(ww,wL). (second letters are subscripts) . How much will Willa keep and how much will she give to Lora? Explain your answer in one or two sentences.Heterogeneity in an endowment economy Suppose we have two typesof households: A and B. The utility maximization problem for a consumerof type i is max InCi,t+β ln Ci,t+1 Ct,Ct+1subject to Ci,t +Ci,t+1/ 1 + rt = Yi,t + Yi,t+1 / 1 + rt Note that the A and B households have the same discount rate and the same utility function. The only thing that is possibly different is their endowments. 1, Write down the Euler equation for households A and B.1. In the Traveler’s Dilemma, each of two people chooses a number between 180and 300. Each is paid the lower of the two numbers, but the person who choosesthe higher number must pay an amount x to the person who chose the lowernumber. In one case, x = 5, while in the other case x = 180. What differencewould you expect between choices with the two values of x?a. Higher choices when x = 5.b. Higher choices when x = 180.c. Little or no difference.d. Impossible to predict.2. Consider these statements about communication in experiments.1. Chat communication is usually more effective than written simple signals (A,B, etc.).2. Friendly appeals to mutual interest and payoff dominance are effective.3. Promises often affect beliefs and actions.4. A promise is not worth the paper it is printed on.Which of these are true?a. 1 and 2b. 1 and 3c. 2 and 3d. 1, 2, and 33. A treasure is hidden under one of the four boxes below. A person gets twoguesses to find the treasure. What do you think is the most…
- Need Step by Step answer: How to draft on Excel. Because Income depends on work effort and work effort depends on nutrition, suppose the relationship between income (Y) and total food availability (F) in a poor household is given by: Y = 10F + 20F2 – 0.6F3 a) If food availability in a two-person household is 20, would it be “rational” to share the food? Explain. b) If food availability in a two-person household is 30, would it be “rational” to share the food? Explain.Five roommates arc planning to spend the weekendin their dorm room watching movies, and they arcdebating how many movies to watch. Here is theirwillingness to pay:Quentin Spike Ridley Martin StevenFirst film $14 $10 $8 $4 $2Second film 12 8 4 2 0Third film 10 6 2 0 0Fourth film 6 2 0 0 0Filth film 2 0 0 0 0Buying a DVD costs SIS, which the roommates splitequally, so each pays $3 per movie.a. What is the efficient number of movies to watch(that is, the number that maximizes total surplus)?b. from the standpoint of each roommate, what isthe preferred number of movies?c. What is the preference of the median roommate?d. (f the roommates held a vote on the efficient out~come versus the median voter's preference, howwould each person vote? Which outcome wouldg~ a majority?c. lf one of the roommates proposed a differentnumber of movies, could his proposal beat thewinner from part (d) in a vote?f. Can majority rule be counted on to reach efficientoutcomes in the provision of public go<Xis?In 2006, the Australian Government incorporated research into corporate social responsibilities to determineif there is a need to include social and environmental responsibilities within the Corporation Act throughamendment procedure. It was decided not to incorporate a particular regulation through legislation, insteadrely upon the 'market forces' to encourage companies to do the 'right thing'. This viewpoint was expressedthat if companies did not look after the environment or did not act in a socially responsible manner, peoplewould not want to consume the organisations' products. From the equity market perspective, potentialinvestors would not want to invest in the organisations, and further workers wouldn't want to work for them,and so forth. Because companies were aware of such market forces, they would do the 'right thing' even inthe absence of legislation.Requirement:1) Using theories such as Public Interest Theory, Capture Theory and Economic Interest Group Theoryto critically…