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The coordination problem relates us to not only the levels of activities like research and developments (R&D) and investments but also to the behaviour of institutions that characterize the economy. Externalities can determine the ranking of alternative course of behaviour. In the evolutionary settings, the equilibrium on which the economy converges depends on its history. Thus, opening of a country to international competition that differentially ‘hurts' beaureaucratic firms in the economy may move the economy from one equilibrium to another thereby affecting the language technological progress.
Q. Describe ex-ante heterogeneity? First conflict reflects heterogeneity among agents due to different policy preferences. Individuals or agents are heterogeneous in a number o
Types of production function
Question: (i) There are certain benchmarks for measuring the success of infomercials" what are those benchmarks in relation to the value of a product or service? (ii) It i
Suppose a given demand curve for massage therapy services. In the context of giving massage therapy services, list, and explain in detail, 5 different variables that may cause an i
Pigovian Analysis The starting point of the Pigovian welfare analysis is the notion that there is a resource allocation problem that can be optimally solved. Through hi
Mr. X enters into a contract with Mr. Z under which Z agreed to build a customized telescope for X for $500. The value of the completed telescope to X will be $600. Expecting that
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Quantitative policy process depends on a portfolio of tools that have been drawn from a variety of disciplines besides discretionary political decision. Over the past two decades
Q. Importance of heterogeneity? The importance of heterogeneity for public policy process can be summarized in two propositions. - Heterogeneity or conflict of interests is
What are objectives of fiscal policy
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