The Game Theory by Malcolm Gladwell‚ gives amazing insight into the world of professional sport statistics. Gladwell argues that athletic dominance in a team sport can’t always be seen by the eye. Allen Iverson‚ for instance‚ was the 2001-2002 NBA’s Most Valuable Player. He was viewed as one of the best basketball players of his generation. However an algorithm devised by David Berry‚ Martin Schmidt‚ and Stacey Brook‚ shows the true value of a basketball player by grading their number of wins they
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A consumer society is a post-industrial term used to describe the fact that society is characterised more by what people consume and less by the jobs they do or goods they produce (Hetherington‚ 2009). As our relationship with consumerism has changed so too have the choices available of why‚ when‚ where and how we consume. The first part of this assignment will look at the characteristics of a consumer society‚ the choices available and identify the divisions created from unequal choices. The second
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This lecture by Stiglitz is about how and why Pareto or near-Pareto improvement is hard to achieve‚ through his experience in Council of Economic Advisors for the United States government. First‚ Stiglitz writes about Adam Smith`s invisible hand theory as an explications of conditions under which market equilibrium will be Pareto efficient‚ and discusses about the importance of government intervention by writing that in presence of imperfect information or incomplete market‚ there will always be
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competitive responses. In contrast‚ a soft commitment is one that‚ no matter what its competitors do‚ the firm will behave less aggressively than if it had not made the commitment. Thus‚ in a Cournot game a soft commitment will cause the firm to produce relatively less output‚ while in a Bertrand game a soft commitment will induce the firm to charge a higher price than if it had not made the commitment. 2. How are commitments related to sunk costs? A commitment is a difficult-to-reverse action
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Introductory Microeconomics 2008 Exam Solutions Section A 1. C |Hours of tutoring per week|Total Opportunity cost |Marginal Cost |Wage Payment (Marginal | | | | |Benefit) | |0 |0 | | | |1 |$20 |$20 |$50
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Seminar 4 - Industrial Economics Week 16: beginning November 14th 2011 Price Competition and Bertrand Model Discussion Questions 1. Suppose firm 1 and firm 2 each produce the same product and face a market demand curve described by: Q = 5000 - 200P Firm 1 has a unit cost of production c1 equal to 6 whereas firm 2 has a higher unit cost of production c2 equal to 10. a. What is the Bertrand-Nash equilibrium outcome? b. What are the profits for each firm? c. Is this outcome efficient
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equilibrium in this game? Explain While driving makes communication difficult (i.e.‚ one driver cannot ask the other which way they will serve); intuition suggests that each driver will swerve away from the other. There are two pure Nash equilibria: either both swerve right or both swerve left. Which side the drivers swerve to is irrelevant so long as they both swerve the same direction. Both outcomes (both swerving right‚ both swerving left) are pareto efficient. Why this game is called a cooperative
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FINA0104 Management of Commercial Banks Prof. Keith K. P. Wong Fall 2013 • Course Objective: The focus of this course is on the economics of commercial banks. This course seeks to enhance your understanding of why commercial banks exist and what economic roles they play‚ the risks faced by banks in the lending process‚ off-balance sheet banking‚ deposit insurance‚ bank regulation‚ and risk management. 1 The economics of financial contracting in the banking industry---from deposit
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Women are better politicians than men There is a mindset in the current society that men make better politicians than women. In fact‚ that statement is not true. Women make good politicians too‚ some are even better than men in many aspects. Women politicians make better politicians because they compromise better‚ are more trustworthy and cooperative‚ plus they are more strong-minded as compared to men. One of the best example is Christine Lagarde the first female Minister
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Management-art of getting things accomplished in org-s through others.Goals(OB):predicting behaviour‚explain events‚managing ob.Classical viewpoint-high specialization of labour‚‚intensive specialization‚ central decision-making.Scientific Management-taylor‚optimum of special\standard-tion.Burecracy-weber‚srict chain of command‚detailed rules‚high spec.‚central power‚selection\promotion based on competence.Hawthorne-how psychological affect productivity.HumanRelationsMovement(critique)-stric spec
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