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Behavioral economics
1) Suppose that Joe enjoys and repeatedly does stupid things like getting heavily into debt and insulting police officers. Do these actions constitute systematic errors? If he gets what he wants each time, are his stupid actions even considered to be errors by economists? Explain.
2) Why do behavioral economists consider it helpful to base a theory of economic behavior on the actual mental processes that people use to make decisions? Why do neoclassical economists not care about whether a theory incorporates those actual mental processes?
3) What does behavioral economics have to say about each of the following statements?
a) "Nobody is truly charitable--they just give money to show off."
b) "America has a ruthless capitalist system. Considerations of fairness are totally ignored."
c) "Selfish people always get ahead. It's like nobody even notices!"
Explain why each of following is or is not a valid probability distribution for a discrete random variable x: See p.183-84. 4.16 Toss three faircoins and let x equal number of heads observed.
All else the same, if a bank has more rate-sensitive liabilities than assets, then a(n) _____ in interest rates will _____ bank profits.
q1. a corporation has 7 million in equity. during the tax year it takes in 4 million in receipts and earns 2 million in
We never entertained the possibility that more than one market failure might exist simultaneously.
The compressor is a key component in manufacturing both refrigerators and air-conditioners.
q1. choose a real-life example of a firm that you think is part of an oligopoly market and describe the characteristics
John Wilson, the owner of a fast-food restaurant, estimated that he can sell 1,000 additional hamburgers per day by renting more automated equipment at a cost of $100 per day. Alternatively, he estimated that he could sell an extra 1,200 hamburgers p..
q1. microeconomics is considered to be the study of scarce resources perloff 2007. here consumers both individuals and
Show how the transaction would have been recorded in the German balance of payments accounts. What was the net effect on the German balance of payments.
banking on the chinese internet.net bank limited is a start-up internet bank seeking to develop a worldwide clientele.
The most likely reason that oil prices spiked during 2007-2008 was because
What should the government limit the number of auto and parts makers, the competition for would be limited. Please explain more on this subject.
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