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Only limited progress has been made in modeling of dynamic process of institutional change, therefore, limiting the concerned policy options. It has been identified that innovation, honesty, investment, labour training and saving can lead to externalities mediated by
- change in beliefs information
- effects on technology of the individual agents
- changes in the set of markets that exists
- changes in the size of markets and
- changes in search costs
There externalities affect the rewards to activities and can lead to existence or multiple equilibria - each with different reward structure. In fact, with a view to policy decision, analyzing problems relating to markets, market models are more relevant than usual game theoretic analysis.
Question 1: Examine the essential elements of modern democratic societies. Question 2: State the various ways in which the participation of people is achieved in a demo
Ask quedoes privatisation decentralise economic power stion #Minimum 100 words accepted#
The other type is called ex-post heterogeneity which refer to the conflict (of interests) arising due to distributional implications of the public policy. Thus when a public polic
A change in the legal statute may be able to force an equilibrium if it leads to a new equilibrium which implies some revised belief which sustains the equilibrium. Tirole (1996)
Are there any welfare or subsidy payments that should be renewed or added? 2.What are the costs and consequences of providing the subsidies and welfare? 3.Are there any current sub
Alice and Bob survive on hamburgers and salads. Aliceís utility function is UA = hA(sA 1) where hA and sA are her consumption of hamburgers and salads respectively. Bobís utility
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what do you understand by private & public goods. Distinguish between private and public goods.
It has been accepted to most policy and development economists that among the most important sets of institution in an economy are those that provide for enforcement of contracts.
The fragmentation and redundancies of the U.S federal system are expensive in terms of coordination and personnel costs. Would you favor or oppose greater consolidation? Why or why
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