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Brie?y describe the preference reversal phenomenon, and explain how Grether and Plott's (1979) experimental design deals with anchoring as one of its possible causes.
Using a drawing of a concave utility function, demonstrate how expected utility the ory cannot explain preference for an 80% chance of losing $4,000 to a sure loss of $3,000. This example is taken from problem 3' in Kahneman and Tversky's 1979 paper on Prospect Theory.
What is the rival principle of distribution? What are the impacts of ethics and morals on the rival principles of distribution?
hypothetical data on consumption expenditure ($) and income ($) is given in the table x Y 80 55 100 65 85 70 110 80 120 79 115 84
Question 1: a) Explain what is a VAR giving an example both in the form of an equation and matrix. Discuss its benefits and limitations. b) How can we estimate a VAR invol
Process of least cost method and how to do a minimisation problem
demand for tea, Y, are assumed to be affected by income of students, X. A simple linear regres-sion analysis was performed on 20 observations and the results were: Independent vari
(a) Describe all tests that you need to undertake prior to working with time series data. (b) Consider the following regression result: Standard Errors: (6.7525)
advantages and disadvantages
Production Functions, Labor Markets, and a Small Open Economy. In 2007, the Icelandic economy was in general equilibrium, the supply of labor was a positive function of the real
Assume that the allowance Peter receives from parents is his only income. He used to spend $30 a month to buy Coke at $.60 per can. Coke is an inferior good for Peter. Further a
t-ratio under multicolinarity
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