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1. Why, as game theorists, do we want to obtain an interval measurement of preferences rather than an ordinal measurement? In particular, what does an interval measurement allow us to do that an ordinal measurement doesn’t? Are there any limitations on interval measurements? Be specific. An interval measurement gives us a better insight on how to compare different
2. What is the difference between decisions under risk and decisions under certainty? What significance does this have for the relevant decision principles for a given game? If a decision principle used for games under uncertainty is applied to a game under risk and it contradicts the decision principle normally used for games under risk, which decision principle should be used, and why? Give an example.
3. Name the two types of irrational actions and explain what they are. Give an example of each. What relevance do irrationalities have for game theory?
Imagine that you are a lobbyist for timber, an established industry suffering from low-priced foreign competition, and you are trying to get Congress to pass trade restrictions. Which two or three of the five arguments do you think would be most pers..
Maintenance expenses for a bridge on the Ohio river are estimated to be $20000 per year for the first 8 years, followed by two separate $100000 expenditures in years 12 and 18. The expected life of the bridge is 30 years. If i=6% per year, what is th..
The development of Black Markets -The requirement of nonrefundable cleaning deposits. -Reductions in apartment quality. -An increased emphasis on informal connections in allocating apartments. -The requirement of nonrefundable key deposits. -An incre..
What is the different between quantitative easing and inflation? And how can they be explained using the graph of demand V.S supply?
Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. EXPLAIN what happens in the short-run if custo..
Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs.
In addition to those mentioned in the case, what are some other advantages associated with the hiring of local managers in emerging markets? What steps should a company take to ensure that, if taken to court, it can demonstrate that staffing cuts hav..
Does a real externality exist? Or is it just a peculiar externality? If a real external- ity exists, argue which of the government’s tools are best suited to address the issue: taxes/subsidies, cap-and-trade, or something else.
A company borrowed $200,000 at an interest rate of 10% compounded annually over five years. The loan will be repaid in installments at the end of each year in the amounts of: What will be the size of the last payment in year 5 that will pay off the l..
If profit regulation is used to control a natural monopolist, the monopolist is likely to
Which of the following is a key element of the Cournot model?
Suppose, Worker 1 has a reservation price of 41 cents; worker 2s reservation price is 42 cents; worker 3s reservation price is 43 cents, and so on. There are 150 jobs in firms without air purification systems, and this number is fixed. Thus, the dema..
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