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Write down an individual’s optimization problem regarding consumption of good and bad behaviors using the Bellman equation representation of lifetime utility (as we did in class). Be sure to include the budget and time constraints and any constructs (i.e., probabilities) that capture uncertainty about the future. In words, what is uncertain in the future to an individual today?
Using the framework above, suppose the individual also values health (i.e., receives utility from health) and that the good and bad behaviors impact health evolution (i.e., how health evolves from one period to the next)? How would you show this in the Bellman formulation and what “constraint” would you have to add (i.e., what function or process needs to be defined)?
q1. a good example of an oligopoly market structure is the airline industry. there are not many airlines in the
Privatization in transition economies is often justified on the grounds of increasing. The text defines an economic system as. Which of the following legal forms of business organization provides for limited liability?
The following table lists the name, gender, height and reservation wage of 10 persons willing to work as firefighters in Timber Creek. What is the lowest wage that Timber Creek must pay to hire five firefighters? You answered the question $380/week (..
Price outcomes of the 5 oligopoly models differ substantially. Which models produces the lowest and highest total profits (all firms combined)? What are the predicted prices? Provide aviation industry examples of routes or markets that might approxim..
Describe the process in the money market (demand and supply of/for money) by which the interest rate reaches its equilibrium value if it starts above equilibrium. (Principles of Macroeconomics)
When a locality is required by federal law to do something, regardless of whether it receives federal funding for that purpose, this duty is called
You’re fairly well up the food chain at the U.S. EPA in the summer of 2015 (you got fast-tracked as a result of all you learned in your Spring 2015 environmental economics course) and have been asked to put together a set of policies to protect ecosy..
Using this forward curve, what is the present value today of $1,000 received at the end of year 10? What is the semi-annually compounded spot rate to year 10? Use this forward curve as the Libor reference rate to calculate the discount margin of this..
Choose all that apply. Imagine an economy of 10 individuals. Their annual incomes are reported below. Imagine that $100 of Oprah’s income is transferred to Anna. What is true? John - $1000 Kitty - $800 Walter - $200 Steve - $500 Samuel - $800 Bob - $..
If the central bank increases bank reserves (or the monetary base) by $25,000, and the reserve requirement is 5%, then the total money supply increases by how much? Why? The best explanation will be mathematical and descriptive, with at least one app..
A change in the discount rate shifts the supply of reserves. Friedman's theory of money demand is more complex than Keynes's.
When referring to the question of whether the experimental stimulus made some difference in the specific instance under investigation, one is referring to: When referring to the question as to what populations and settings can the observed effect be ..
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