MyLab Economics with Pearson eText -- Access Card -- for Microeconomics
2nd Edition
ISBN: 9780134519517
Author: Daron Acemoglu, David Laibson, John List
Publisher: PEARSON
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Question
Chapter 18, Problem 8Q
To determine
Difference in allocations depending on when the allocator remains anonymous in a dictator game.
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MyLab Economics with Pearson eText -- Access Card -- for Microeconomics
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- Rational choice theory is an economic principle that assumes individuals always make prudent and logical decisions to maximize net benefit. True or falsearrow_forwardWhen a money price cannot be assigned to a health care action such as a choice an individual makes to exercise to maintain a healthy cardiovascular system, economists use the concept of opportunity cost which values the action according a rule of thumb. as the next best alternative the individual gives up in order to exercise. at the median gym membership price in the residential area. at zero price. as the number of years expected to be added to the person’s life due to exercise.arrow_forwardTo ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the US. Sometimes this means that a company must test a drug for years before receiving FDA approval and reaching the market. We can easily identify the "winners" in this system as those who are protected from unsafe drugs that might otherwise harm them. Who are the more "anonymous losers" who suffer due to the strict FDA medical regulations? Explain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).arrow_forward
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