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Quantitative policy process depends on a portfolio of tools that have been drawn from a variety of disciplines besides discretionary political decision. Over the past two decades a new way of thinking has come to prominence; principally in natural sciences. Although, all the usual physical laws are obeyed, many systems are now viewed as ‘complex' and as such, cannot be very well understood using standard approaches to theorizing and modeling. As we have seen in the last sections, policy makers' self interests and in homogeneity i.e., heterogeneity and dynamised set up with time element causing time inconsistency problem pull the policy process away from the standard idealized would theories, it makes the case best to look for the tools of complex system to approach the problem at hand.
Some economists view complexity science as just another ‘fad' that will pass. But we will see by the end of this block that the underlying handicap of our standard tools and various promises the tools of the science of complexity, offer a more radical challenge that economics has faced as a discipline science since importation of the tolls of calculus and field theory from physics in the late 19th century.
QUESTION 1: Assuming that you are a consultant on the ‘Light Rail' project and you are asked to forecast demand for this mode of transport. What are the forecasting techniq
Question: (a) Jeffrey Sachs, Columbia University's Earth Institute Development Guru, opines that the humble mobile phone is "the single most transformative tool for developmen
State ramsey rule of optimal commodity taxation and the intuition for it
Explain the nature &importance of micro economic?
which fallacies best diiscribe this statement The restaurant in new is either buddy''s bistro or Clyde emporium
Your organisation has tasked your to reduce the rate of a particular type of incident or particular type of high risk hazards which is commonly occurring. Your task requires you to
examine the efficiency of quantitative credit control instruments.
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3 voters, A, B, and C, will decide by majority rule whether to pass bills on issues X and Y. Every of the two issues will be voted on indiviually. The change in net profits (in dol
According to estimates by Goolsbee and Petrin (2004), the elasticity of demand for basic cable service is ?0.51, and the elasticity of demand for direct broadcast satellites is ?7.
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