Top new questions this week:
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Let $X$ be the closed compact convex set of alternative and $B$ be a closed compact convex subset of $X$. $C$ is defined on all closed compact convex set $B\subseteq X$.
$X$ is ordered by a strictly ...
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I am really sorry for the vague question. I was going through some research on excessive math in economics, and I stumbled across this thread Criticism of Math in Economics
One of the comments was - &...
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The decision to cast a vote (under a simplistic FPTP two-candidate model), as formalised by Downs can be written as follows:
$pB \geq C$
where $p$ is the probability of you changing the outcome, $B$ ...
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WARP implies choice function is raionalizable.
Say we have a choice function $C(B)$, $B$ is a closed convex compact set. I am looking for a intuitive example of $C$. The $C$ is economic meaningful, ...
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I have a question on the following exercise:
A competitive profit-maximizing firm has a profit function $\pi(w_1, w_2) = \phi_1(w_1) + \phi_2(w_2)$. The price of output is normalized to be 1.
(c). ...
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I was wondering under what set of conditions one is allowed to assume an interior solution to the Utility Maximisation Problem. In most of my classes and lecture notes, interior solutions are assumed ...
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Reading the Economic Report of The President 2023, there is a note under the real GDP graph stating: "Nominal GDP was converted to 2021 dollars using the GDP Price Index"
What I understand ...
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Greatest hits from previous weeks:
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There is a lot of debate on whether or not consumers and investors are rational. Unfortunately, I haven't seen much qualification for what is called a rational consumer. What are the requirements ...
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The recent visit of US politician Nancy Pelosi to Taiwan generated a lot of news about the dependence the world has on Taiwan, given its dominance of the semiconductor market.
But I couldn't find ...
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What is the definition of "First Best", "Second Best", etc. in contract theory?
Especially, what is the difference between "First Best" in contract theory and "ex-post efficient" in mechanism design?
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Currently I'm learning about finance and I want to understand the following. In the Netherlands the interest on a mortgage is about 3%-4% depending on the payback period. When learning about stocks ...
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I'm looking for a more general and principled answer and use Scandinavia today only as a sketchy example of the kind of scenario I'm asking about.
I live in Scandinavia where house prices has had an ...
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Please forgive the probable naivety of this question. I am not an economics student I am just trying to understand the currency fluctuations that are currently occurring with GBP as a result of our ...
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Two drivers--Walt and Jessie--each drive up to a gas station. Before looking at the price, each places an order. Walt says, 'I'd like 10 gallons of gas.' Jessie says, 'I'd like $10 worth of gas.' What ...
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Can you answer these questions?
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I'm trying to derive the tax incidence for an excise $t$ so that producers receive $p$ and consumers pay $q=p+t$ per unit. The formula I am seeing everywhere is some version of
$$
\frac{\mathrm{d}p}{\...
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i want to add a firm to a neoclassical growth model that produces a durable good which it rents out in each period to the consumers.
Right now i'm using the following approach:
The firm maximizes: $\...
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I took a behavioral econ class and learnt the "structural estimation" of risk-aversion parameter.
Later some friends told me that what I learnt is too simple when I was bragging about my ...
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