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The Anscombe and Aumann derivation of subjective expected utility relies on the set of states of nature S being finite. How would we extend it to infinite state spaces? This problem takes you (step by step) through one extension that, essentially, adapts the original proof. There is a lot of setup and notation involved, so if you tackle this, please be patient. First, we provide a setup. Begin with an arbitrary state space S and an arbitrary prize space X. As in the text, let Π be the space of simple probability distributions on X. The setup also involves an algebra of subsets of S, denoted A; an algebra ofsubsets is a set ofsubsets such that (1) S ∈ A (2) if A ∈ A , then the complement of A, denoted A C, is also ∈A and (3) if A, B ∈ S then A ∩ B ∈ A (If you've never worked with this concept before, you might want to prove: If A has properties (1) through (3), then A is also closed under unions.)
We can analyze the motion in each coordinate direction independently,integrating the acceleration to determine the velocity and then integrating the velocity to determine the position.
What are teh amin advantages of probit and logit models over linear probability models (LPM)?
Use the three-month money market rate as the nominal interest rate and the most recent three month rate of change in consumer prices as the expected rate of inflation (both are in annual terms). Which countries have the lowest nominal interest rat..
Suppose the price elasticity of cigarette demand is -0.40. If we increased the price of cigarettes by 50%, what would we expect to happen to the quantity purchased? To total expenditures on cigarettes?
Then there exists a unique BGP allocation in which there is only labor-augmenting technological change, the interest rate is constant and consumption and output grow at constant rates.
Explain what Steve means. Why might his economic profits fromrunning a bed-and-breakfast be higher than those of working as an architect?
tom can produce 40 balls per hour or 4 bats per hour. tessa can produce 80 balls per hour or 4 bats per hour.a.
Assume (as usual) the representative consumer maximizes utility. Find the consumer's optimal consumption and leisure decision. Plot this representative consumer's labor supply function. Would a decrease in the tax rate t affect the optimal amount ..
what is the capitalized worth, at i=10%, of $1,500 per year starting in year one and continuing forever, and $10,000 in year five, repeating every four years thereafter, and continuing ad infinitum (i.e. forever )
1. suppose a local food retailer firm has the following cost function that depends on the daily sales of two goods soft
A company is considering purchasing a fleet of delivery vans which are available with either a diesel or gasoline fueled motor. The gasoline powered van has an initial price of $29,750, the diesel powered one costs $32,250. Both vehicles have a sa..
There are H consumers and n firms. The demand of each consumer is x(p) = 1 - p and the cost function of each firm is c(y) = (y)^2/2. Compute the competitive equilibrium price, quantity and the consumers' and producers' surplus as functions of H and n..
Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2.
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