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MPE 781- Economics for Managers

Question

Answered

Assignment Overview: This assignment is based on an article pub-
lished in The Economists' Voice titled `Global Climate Change: A Challenge
to Policy', by a Nobel laureate Kenneth J . Arrow , in 2011. The article is
already attached to this assignment question. Please read the article care-
fully before attempting this exercise. You will also need to draw on other
resources available through the library as well as external resources. Please
note that you need to provide clear references for your sources when citing
research and data.
II. Learning Objectives: This assignment is designed to encourage
you to think about the application of concepts learned in this unit in a real
world scenario. This assignment, indeed, is interesting as it explains the
mechanism that leads to global warming and its impacts on our economy.1
1Note that the article refers to this phenomenon as global warming but in recent years,
the scienti c community and journalism have begun to refer to it as climate change, which
is the term you may be familiar with. You may use either term, but use only one.
1
Furthermore, this assignment also addresses the challenge that we face to
implement e ective economic polices to reduce the magnitude of impacts of
global warming. We hope that this assignment will expand the horizon of
your thoughts.
III. Assessment: Your score on this assignment contributes towards
40% of your nal score for this unit. Your assignment will be graded on
your use of appropriate economic theory and concepts; relevant diagrams
and clarity of exposition and overall quality of your answers. Although you
can work in group, this is not a group assignment and you must submit
answers individually.
IV. Submission: This assignment must be submitted electronically on
CloudDeakin (CD) Dropbox area by 11:59 pm on the due date. No hard
copy submission will be graded. Print your name and student ID clearly
on the rst page of your answers. Please check the Academic Honesty and
Misconduct section in the Unit Guide. Submitting your answers automati-
cally implies that you have read and accepted the Plagiarism and Collusion
Declaration, and that the submitted answers are entirely your own work.
V. Questions: Answer all questions. Limit the total word count of
your assignment to less than 3,000 words. You are encouraged to provide
necessary graphs, gures and tables with data wherever possible, which are
not subject to word limit. Please be careful in implementing referencing
styles.
1. In no more than 150 words, motivate the reader to read the article by
summarising the key assumptions and main points. [8 marks]
2
2. According to Arrow, \We are much better to act to reduce CO2 emis-
sion substantially than to su er and risk the consequences of failing to
meet this challenge." { in light of the article and based on your own
research, please explain why he suggests so. Speci cally, what sources
of market failure are present? Apply the abstract possible solutions to
this problem of global warming. [8 marks]
3. In this article, the consumption discount rate, denoted by , is de ned
as  =  + g. What do the terms  and g represent? Explain the
intuition behind this equation. One critique says that any kind of
uncertainty regarding g may lower the value of . Do you agree or
disagree with the critique? What are the implications to the economy
of having a lower value of , when human-induced global warming is
occurring? Explain. [ 8 marks]
4. Adam Morton, in his article titled \Energy crisis: Wholesale power
prices have doubled since the carbon tax was axed" published in the
Sydney Morning Herald (dated the 9th March, 2017), has argued that
the dramatic increase has been largely blamed on soaring gas prices
and investment uncertainty over what power plants to build as age-
ing coal generators shut down. If so then what are the implications
regarding the value of  for Australia? Explain. [8 marks]
5. In the equation  =  + g, assume that  is determined by an action
of a social planner. Consider the event when U.S. President Donald
Trump withdrew the U.S. from the Paris Climate Accord on June 1st,
2017. What are the implications regarding the value of  for the world?
Explain. [8 marks]

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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