## Concave utility function, Econometrics

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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.

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What is the rival principle of distribution? What are the impacts of ethics and morals on the rival principles of distribution?

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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

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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

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Process of least cost method and how to do a minimisation problem

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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

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(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)

#### Monopsony, advantages and disadvantages

advantages and disadvantages

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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

#### Indifference curves, Assume that the allowance Peter receives from parents ...

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

#### Multicolinarity, t-ratio under multicolinarity

t-ratio under multicolinarity

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