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Question: One of the most fact-filled publications you can buy is the Daily Racing Form. 72 For every horse running that day it contains about 30 facts about each of its last ten races, including the name of the jockey, location of the race, track condition, odds on the horse at post time, the winner of the race, position at the halfway mark, and so on. The reader will have hundreds of facts in hand about every horse in a particular race.
a. Experiments show that experienced bettors who use the Daily Racing Form outperform equally experienced bettors who have not been allowed to use it. Why?
b. Experiments have also shown that casual bettors who are given the Daily Racing Form and told to study it before making their bets underperform similar people who are told to choose their horses however they prefer to. Why?
c. Link your answers to these questions with what you have learned about models and heuristics.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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