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ECN511 Economic Analysis of Public Policy Issues

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Answered

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• You should deliver your assignment via Blackboard.

• This is an individual take-home assignment. Prepare your answers on your own.

• In order to receive full credit for your work, you need to provide complete and detailed answers.

• Please use a font size at least 11. As of the rest style, number of pages, etc. it is completely up to you. I do not evaluate your assignment based on the literary criteria or number of pages.

• Please deliver only one file. Preferably, send a pdf file.

• List all the sources you have research during this assignment. Remarks.

A. This assignment is different than previous ones, where you had to apply economic tools like WTP elicitation or supply-demand analysis. This assignment is in the spirit of self-reflection. Your task is to ponder about how price discrimination, risk, and interactive situations are omnipresent in our lives.

B. Make sure your answers are clear, complete, and correct. Be as specific as possible. Do not leave anything for a reader’s interpretation or guessing.

C. To explain something “in your own words” means to refrain from using the formal definitions. Always imagine that you are talking to someone with no prior knowledge of economics.

Exercise 1 (30 points)

a) (10 points) In your own words, explain what "price discrimination" is.

b) (20 points) Provide a real-life example of price discrimination that involved you as a customer or seller. Exercise 2 (30 points)

a) (10 points) In your own words, explain what "risk" is. In particular, explain the difference between “risk” and “uncertainty.”

b) (20 points) Provide a real-life example of decision involving risk that involved you as a decision maker. Describe the process of decision making. Explain the alternatives you were choosing from, how you analyzed them, and what choice you made. Exercise 3 (40 points)

a) (10 points) In your own words, explain what a “game (interactive situation)" is.

b) (30 points) Support your explanation with a real-life example of a game (interactive situation) that involved you as one of the decision makers (players). To describe a game, recall the three fundamental elements: players, strategies, and payoffs. Bonus Exercises

I would like to ask you some questions that are more about you and less about economics. In fact, these questions are not about economics at all. (If you see economics in these bonus exercises, it only means there was too much economics and it is a good thing that this course is over...) Exercises A and B will help me get to know you better as a person. I already know a lot about you in terms of your professional life and as a student. I do not know you that well as a person. I would like you to carefully think about these questions and answer as truthfully as possible. If you are not comfortable answering these questions, then please do not answer. I am looking for interesting stories. Bonus Exercise A (5 points)

I have a time machine that you can use at zero cost. You could make only one trip that lasts 1 hour. You can travel to the past or to the future. You can observe and take pictures. You can experience smells and sounds. However, you will not be able to touch anything or interact with anyone. Your presence will not be recognized. You cannot change the past or future. You are just an observer. When (year) and where (place) would you go to? Remember that you have only one trip: pick one time and destination carefully. Explain your choice. Bonus Exercise B 5 points.

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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.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

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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