The intentions of mainstream economic texts imply the mention of only few lines from The Wealth of Nations. Is it possible to formulate a theoretical structure on these grounds which praise Smith’s statement that “private vice cannot beget collective virtue”?
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The intentions of mainstream economic texts imply the mention of only few lines from The Wealth of Nations. Is it possible to formulate a theoretical structure on these grounds which praise Smith’s statement that “private vice cannot beget collective virtue”?
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- Consider the following 3-players version of the war of attrition. All three players can stay and compete to get a reward that has a value V. Each player pays 1 for each unit of time he/she stays. The winner that gets the reward is the last to quit. If several agents are the last to stay and they quit at exactly the same time, the reward is given to one of them following a fair lottery (each of them has the same probability to get the reward). In the first round, each player chooses her/his first exit time, 0 ≤ xi < ∞, and the player with the lowest value, xmin, pays xmin and quits. The other two players also pay xmin, but they continue to the second round. If several players try to quit together at xmin, only one player actually quits, and that player is determined in a lottery in which each of the players that try to quit at xmin have the same chance. The second round is the usual 2-players war of attrition, where each of the remaining two players chooses her/his exit time 0 ≤ yi…Demonstrate the concept of coordination failure by using the payoff matrix and prove that, Coordination failure among economic agents can lead to an inefficient outcome while the opposite can guide to an efficient outcome. Use any hypothetical scenario to justify your analysis.Rank our five major ethical theories in according to the degree to which they cohere with basic capitalist principles. a. Utilitarianism, Rawlsianism, Aristotelianism, Kantianism, Rossianism b. Rawlsianism, Aristotelianism, Kantianism, Rossianism, Utilitarianism c. Aristotelianism, Rawlsianism, Kantianism, Rossianism, Utilitarianism d. Rossianism, Aristotelianism, Kantianism, Rawlsianism, Utilitarianism e. Utilitarianism, Rossianism, Kantianism, Aristotelianism, Rawlsianism
- College Retirement Equities Fund (CREF) is a pension fund that has billions of dollars invested in the stock market. Fund participants recently voted on a proposal that would have placed strict limits on the amount of compensation paid to CREF executives. Why do you think 75 percent of the participants voted against the proposal? Provide an economic argument against the proposal.For questions 44 and 45, consider the following: The town of Fenerbahce has hired world-class econometricians to investigate their criminal justice system. The researchers report an interesting finding. People who were previously detected and punished by law enforcers gain a better understanding of the functioning of the law enforcement system, and are better able to exploit laws designed to protect defendants against the state. Thus, people who have been detected and punished before are better able to avoid detection and punishment. In particular, they report the following facts: The offense of jay-walking causes social harm of $100. A person who has never been punished for jaywalking before faces a 0.5 probability of being detected while jaywalking. A person who has been punished before for jaywalking faces a probability of 0.25 of being detected while jaywalking. The town wants to implement optimal punishment schemes. It is well known that everyone in Fenerbahce is risk-neutral…What is the difference between Gordon method and Brainstorming?What are the methods of generating new ideas? Explain why criticism is not allowed during group Brainstorming activity?
- Supposing we grant the superiority of free market economic over other economic theories, do you think that ethical egoism ultimately justifies this economic theory? Or does some other ethical theory better justify it? Justify your answer with reasons,.One of the methodological problems of comparative case study is called . Select one: a. diminishing returns b. spurious correlation c. ladder of abstraction d. selection bias e. empirical relationship Which of the following is consistent with what political scientists mean when they say the modern state exerts a monopoly on force? Select one: a. Only the state exerts violence in modern societies. b. Nobody knows about violence in pre-modern states. c. Force not authorized by the state will likely be criminalized. d. Modern states are non-violent and there was no war. e. Internal violence was as pandemic as wars between states. What are some common features of post-colonial states? One of the differences between hypothesis and theory is . Select one: a. that hypothesis contains an explanation, while theory doesn’t b. that hypothesis has a set of assumptions, while theory doesn’t c. whether they are directly testable or not d. that hypothesis is always well-grounded…The standard assumption of self-interest implies that in the dictator games with $10 endowment, the dictator should share (A) $0; (B) $2; (C) $5; (D) $10.
- Roger and Michelle like going out and enjoy each others’ company, but have different taste in entertainment. Michelle would like to go to a professional basketball game, while Roger prefers opera. If they fail to agree to go together to either the game or to the opera this Saturday night they will stay at home and be miserable. Both will be worse off than if they had gone together to either the game or the opera. (a) Construct a pay-off matrix for this game. (You can make up your own numbers for this problem; just make sure the numbers correctly depict the given situation.) (b) Find two Nash equilibria for this game. Explain why they are indeed Nash equilibria.Two travelers own an identical suitcase that contains identical antiques. The airline is liable for a maximum of $100 per suitcase. To determine how much to reimburse each traveler, the airline puts them in different rooms (so that they cannot communicate), and ask them to write down an amount (an integer number) between $2 and $100. If both write down the same number, the airline will reimburse both travelers that amount. However, if the two amounts are different, both travelers will be paid the lowest of the two numbers along with a bonus/malus: $2 extra will be paid to the traveler who wrote down the lower value and a $2 deduction will be taken from the person who wrote down the higher amount. What are the travelers’ best response functions? What are the Nash equilbria of the game? Are they Pareto efficient? Explain the intuition why.What is the relevancy of the "Prisoner's Dilemma"in explaining government intervention?
