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Consider the Ultimatum Game, a two-player game often played in experimental economics labs. In the Ultimatum Game, one player is given an amount of money and then instructed to give some arbitrary portion of it to an anonymous second player. The second player has the option of accepting the offer or rejecting it. If the second player rejects the offer, neither player gets anything.
a. According to traditional economic theory (which assumes that individuals are selfinterested utility maximizers), what should the first player offer the second?
b. What does traditional economic theory suggest the second player should be willing to accept?
c. In experimental settings, the first player often offers the anonymous second player about 50% of the initial amount. Is this result consistent with theory? Can we easily attribute this anomaly to something other than an innate sense of fairness? Explain.
What would that tell us about economic convergence?
a company is considering buying workstation computers to support its engineering staff. in todays dollars, it is estimated that the maintenance cost for the computers (paid at the end of each year) will be $25000, $30000, $32000, $35000, and $4000..
Snow geese feeding trial. Refer to the Journal of Applied Ecology study of the feeding habits of baby snow geese, Exercise 4.10 (p. 186).
What is the value of the multiplier d. Calculate the saving function for Freedonia. Plot this sav- ing function on a graph with equation (2). Explain why the equilibrium income in this graph must be the same as in part b.
Suppose it was discovered that the benzene emissions, in addition to doing harm via air pollution to people, were also contaminating the river. How would this affect the picture and the efficient cleanup level?
consider the following short-run production function ( where L= variable input, Q = output): Q = 10L - 0.5L(squared) suppose that output can be sold for $10 per unit. also assume that the firm can obtain as much of the variable input (L) as it nee..
Suppose that the price of a stock is $50 at the beginning of a year and $53 at the end of the year, and it pays a dividend of $2 during the year. Calculate the stock's current yield, capital-gains yield, and the return.
Tabitha has $6 to spend. She has the option to buy two goods: sandwiches and peppermints. Sandwiches cost $3 each, and peppermints cost $1 per bag. The table below shows the utility Tabitha derives from consuming sandwiches or peppermints at vario..
Show graphically and calculate the terms of trade gain, the efficiency loss, and the total effect on welfare of the tariff.
A man wishes to set aside money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated rate is 8%. If the bank pays ..
Does a baseball player with a long-term contract that includes a no-trade clause present adverse selection problems to his baseball team?
Price Quantity Demanded $ 1 1,200 pies 2 1,100 3 1,000 4 900 5 800 6 700 7 600 8 500 9 400 10 300 11 200 12 100 13 0 Each producer in the market has fixed costs of $9 and the following marginal cost. Quantity Marginal Cost 1 pie $ 2 2 4 3 6 4 8 5 ..
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