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Suppose that each person is characterized by the accident probability α ∈ [0, 1]. If the person’s Bernoulli utility function is √ x, and if the income is 400 Dollars and the accident causes a loss of 400 Dollars, then one can check that a person of type α is willing to pay at most p = 800α − 400α 2 for insurance — if we write this equation as a function of p then we get α = 1 − 0.05 p 400 − p. Clearly, the expected cost of providing insurance to a person of type α is 400α. Finally, suppose that the types α are uniformly distributed on [0, 1], i.e., the fraction of types [0, α¯] in the whole population [0, 1] is exactly 1/α¯. (a) First, suppose that by law everyone must have insurance. Determine the insurance premium p at which the insurance company breaks even (i.e., makes zero profits).The insurance premium is?
The story of entitlements such as health care and welfare payments to the elderly in the US is pretty ----. This is partly because these payments form---part of the government budget and they are----
We suggested above that an annually increasing renewal fee would be an efficient means of setting optimal patent life. Similarly, suppose that owners who wanted to restrict future use of their property had to pay a fee for each year that the restrict..
In general conclude which of the five competitive forces has the most significant impact on approach.
Suppose there are two types of people who need health insurance; high-risk and low-risk consumers. High-risk consumers have a relatively high probability of needing expensive medical care and on average incur $2,000 of medical expenses per year.
Describe the relationship between international trade volume and world output, and identify overall trade patterns. Explain theories of absolute advantage, comparative advantage, factor proportions, and international product life cycles. Explain the ..
Explain what type of labour market interference is most often experienced by men and which type is most often experienced by women. Make sure you define each of the two types of interference.
Why does the Federal Reserve expand and contract the money supply? What are the four ways the Federal Reserve accomplish this task? How do each of the methods accomplish the intentions of the Fed? Which method(s) is most important/desirable? Which me..
In the last few years, the Federal government cut the GST (the federal sales tax on goods and services which Ontario later blended into the PST to create the HST) by two percentage points. The federal government could have transferred this cut to inc..
There are five flights daily from Pittsburgh via US Airways into the Bradford, Pennsylvania, Regional Airport. Suppose the probability that any flight arrives late is 0.20, the probability that none of the flights are late today is [a]. (Note: keep t..
Public health information can be broadcast at a cost of $100. Public health information is a pure public good, in that many people can use the information simultaneously and preventing people from using the information is very difficult. One group of..
The question asks to determine the equations for P=f(Q), MR=f(Q), ATC=f(Q, Q^2), AVC=f(Q, Q^2), MC=f(Q, Q^2) I believe I need to run a regression analysis to get the TC equation first, but am not sure. It then asks to calculate the Lerner Index and d..
Differentiation between market structures, competitive strategies and the positive or negative impact on the organization with industry specific analysis. Identification of the competitive strategies and the effectiveness of the same. Recommendations..
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