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Suppose that there are 100 legislators in a bargaining situation, splitting a pie of size 1. Player 1 proposes a split between the 100 players, including himself (in any continuous amount, he can allocate different shares to different players as long as these shares add up to 1). The other 99 players then vote on whether to split the pie in that way or not. If a majority of them (that is 50) vote for the split,then the split is implemented, each player obtaining the proposed share. If a majority vote against the split, then each player obtains 1 percent of the pie.
a) What is a subgame-perfect Nash equilibrium proposal of player 1, and what is the resulting outcome of the game?
b) Suppose now that different players obtain different shares (adding up to 1) when the majority vote is not passed. What happens in a SPNE then? (You can describe the solution to this in words, if that is easier).
How much could the store charge for an yearly membership in order to extract the entire consumer surplus via an optimal two-part pricing strategy.
On the same day, the San Francisco Chronicle had an article with the headline "Sharp Drop in Bay Area Home Sales"
Consider a market where demand is d:p=24-Q and supply is s:p=2+Q. impose a specific tax t= $2 on each unit sold in the above market.
Using Oaxaca decomposition, calculate how much of wage differential is due to discrimination. What is an alternative Oaxaca decomposition that would lead to a different measure of discrimination.
We do, however, have free trade in corn, which is fermented and distilled to make ethanol, and accounts for approximately 55% of the cost. Elucidate the effective rate of protection on the process of turning corn into ethanol.
Does the existence of poverty imply that our socioeconomic system is unjust. Does the concentration of poverty in certain groups make it more unjust than it would be otherwise.
The problem is that the professors also want to attend the party and enjoy the music with the students but they can only attend if they agree to serve beer to the students. Normally, professors do not like this. The marginal cost to them is 200.
Calculate scale elasticity at the mean of the data; In order to reduce unit cost would you recommend an increase or a decrease in total production? Why?
A profit-maximizing firm in a competitive market is currrently producing 100 units of output. Elucidate firm's profits, marginal cost, and average variable cost respectively.
Jim Vendors is viewing about manufacturing a new type of electric razor for men. If advertise were favorable, he would get a return of $100,000.
Each of these two cash-flow series is equivalent to a third series, which is a uniform gradient series. What is the value of G for this third series over the same five-year time interval?
Department of Health and Human Services, but rather with the Internal Revenue Service. What evidence can you cite to support your position?
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