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You are a property insurer and one of your potential clients, whose current wealth is $450,000, wants to insure her $250,000 house. The chances of the house burning down in any given year are one in one thousand. There are no other risks. Will she buy insurance from you if you set the premium at $300? Assume that her utility function is u(W) = ln(W) . How sensitive is the maximum premium she is willing to pay to her current wealth? Calculate the elasticity of the premium to wealth to ?nd out. (Hint: In class we refer to the Markowitz risk premium as the difference between expected wealth and the certainty equivalent, E (W) - CE , which is valid only for fair gambles. In this case, the gamble is not fair, so you should compute the insurance premium as the cost of the gamble, namely, W0 - CE .)
energy consumption and economic growth
A store is known for is bargains. The store has the habit of lowering the price of its bargains each day, to ensure that articles are sold fast. Assume that you spot an item on Wed
Consider the following equations designed to estimate a school's test scores (Test) and the school's dropout rate (Drop). Test i = B 0 + B 1 *Parent Ed i + B 2 *school quali
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Provide a clear statement of the research topic and the underlying relationship that you are modeling. Identify the dependent variable and the independent variables (minimum of 3 i
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Assume the following table gives the joint PDF (probability distribution function, not Adobe document!!) of two discrete variables, x and Y. Vari
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suppose only one professor teaches economics at your university, would you say that this prof is a monopolist who can exact any price from students in the form of readings assigned
The following table gives data on the Consumer Price Index (CPI) and the Standard & Poor (S&P) company''s index of 500 common stock prices. Year CPI Index S&P 500 Index 1978 65.2 9
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