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Endowment Effect, Behavioural, and Standard Economics Theories
7 pages (1750 words)
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...standard economic theory. This is only achievable through changing some vital assumptions of standard economics to reality (Knetsch and Wong, 2009; p. 415). The behavioural economics employs principles of psychology to determine which assumption needs to be revised and in what way they can be revised to make the models more realistic. From the same analysis, it is apparent that the endowment effect increases the value of goods and such increments are based on the ownership of such goods. Endowment effect is an essential element in economics since it causes conflict between...
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Behavioral Economics
10 pages (2500 words)
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...Economic behavior of people is dependant on the surrounding parameters like knowledge of the problem (either more or less), the conditions , statistical data , uncertainty which is expressed in numerical form as odds or subjective probabilities(Tversky and Kahneman, 1124). Judgmental heuristics are sometimes used to make this process simpler, to make better predictions and to make improved policy prescriptions. Judgmental heuristics are principles or methods by which one makes assessment or judgment of probability simpler. These are "rules of thumb", educated guesses, intuitive judgments or simply common sense... . External calibration measures are required to eliminate this...
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Behavioural Economics: The New Era
7 pages (1750 words)
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...Economics: The New Era Introduction The Standard economic models are often questioned for the fairness of their assumptions. It seems like the assumptions for explaining the theories to be addressed are cyclical or in other words, they are assumed in such a manner that they are bound to produce the hypothesized outcomes. This approach has attracted various criticisms over time which had spurred wide debate among academicians. The recent global financial markets turmoil bears testimony to the fact that economic agents do not always behave in a way, which is predicted by the mathematical model of probability (Kahneman, Knetsch and Thaler, 1986). To have a better understanding... of the...
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Behavioral Economics Performance
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...Behavioral theory better explains the principles of positive economics. (McFadden, 20) denotes that behavioral economics studies, and analyzes the effects of emotional, cognitive and social factors on economic decisions undertaken... Normative and Positive Economics: McFadden (3) defines normative economics is a branch of economics that deals with judgments, emanating from the value of a product. This branch of economics concerns itself with what is supposed to be, at the expense of what actually it is (McFadden, 6). Normative statements represent an opinion, or a theoretical scenario, and they are always used to develop new ideas, and establish goals. An example of a normative statement is such as; the ...
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Standard expository model
2 pages (500 words)
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...standard expository model as a means to present extended text? In responding to this question, cite the theorist or commentator most closely associated with the shortcomings that you are take assert. If your answer includes a shortcoming that is original with you or is not mentioned in our course readings, just say so. You can also cite a theorist’s objection to the SEM and indicate that you disagree or partly disagree. In Standard expository model, I think the most significant shortcoming is linear-structure from beginning to end. In addition, the dependency relationship is not explicitly expressed. Users should follow... Q 3) What, in your judgment, are the most significant shortcomings of the...
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Behavioral Economics Essay
11 pages (2750 words)
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...Behavioral Economics 05 August 2008 Hedonic Adaptation and its Pertinence in Development Studies Hedonic adaptation is a person's ability to preserve his or her level of happiness by adapting to changed circumstances. This can also be interpreted as the ability of a person to adjust to a state of de-growth of his life's circumstances by compromising his hopes, needs, expectations and aspirations. Since we are dealing with the effects adaptation has to the economic behavior of an individual, we will look at this situation from that standpoint. A person's ability to adjust to a state of de-growth...
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Question 'Identify the main varieties and applications of the 'standard model' of human behaviour in economics (as identi
4 pages (1000 words)
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...standard model of individual economic behaviour 2 Assumptions 3 Economic Rationality 3 People have known Preferences 3 People Make Decisions Based on Full Information 4 Strengths 4 Weaknesses 4 Application of the standard model of individual economic behaviour 5 Case1: Monkeys have ‘Irrational’ Aversions to Risk Just Like Humans 5 Case 2: Money Illusion 5 Case 3: Altruism, the Joy of Giving 5 Conclusion 6 References 7 The Standard Model of Human Behaviour in Economics Introduction Economics is a broad area of study as it involves the study of human behaviour that entail the distribution of scarce resources. Different events may... ?Table of Contents Table of Contents Introduction 2 Outline of the...
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Behavioral Finance Heuristic and Judgment, a literature review
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...standard tool in experimental economics. Apart from showing substantive results on markets and auctions, Smith's work is notable for his design of experimental economics methodology. His work on induced-value theory (1976b) provided practical and detailed guidelines in designing economics experiments in the laboratory and the reasons why these guidelines are important (Smith 1982), serving as models for subsequent experimental studies in economics. These methods differed from the experimental approach used by cognitive psychologists in that Smith emphasized the importance of providing subjects with sufficient monetary incentives in order to outweigh the distorting effects of decision... A Literature...
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Neoclassic vs. Behavioral Economics debate
1 pages (250 words)
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...Behavioral Economics debate The behaviors and decision made by consumers are motivated by varying rationalities. The behavioral theory is one that analyses the behavior behind choice made by consumers that are resultant from beliefs and attitudes of consumers (McFadden 1). On the other hand, the classical theory is one that brings out the consumer as a maximizer, and who settles for nothing, but the best (McFadden 1). From McFadden work, the behavioral theory is one that sheds light on the preferences and choices made by the consumers as a result of their perception towards a product, as well as their attitudes (2-3). The classical theory, on the other hand relies on the values... and...
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Phase 3 Behavioral Economics IP
4 pages (1000 words)
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...economics Phase 3 Behavioral Economics IP Explain what a technological change is and how you can use it tolower your costs A technological change is a process of technological advancement or achievement that encompasses the process of invention, innovation and the integration of technology in the processes. Technological change is a continuous process that aims at reducing costs of doing business. Invention refers to the creation of a new thing. Innovation refers to the modification of the already invented item by making it more reliable and flawless. Integration is the final stage of technological change and involves diffusing what has already been invented and innovated... ? Essay, Macro & Micro...
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Experimental economics summary paper
2 pages (500 words)
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...standard application; d) adjustment of prices when biding controls are removed appeared to be involved an initial discontinuity or jump rather than a continuous movement. The results of the article can be summarized in that the familiar partial equilibrium model works remarkably well to describe laboratory auction market behavior in the presence of price controls and when price controls are binding. Experimental economics can be used to test the validity of a hypothesis based on an economic theory. In the article Price Controls and the Behavior... ?Summary of the article: The objectives of this study are to examine the applicability and accuracy of the textbook model as applied to auction markets. The...
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Economics Summary and review paper
16 pages (4000 words)
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...economics provided Simon with tremendous insight into human economic behavior. He "saw a creature of bounded rationality using techniques of heuristic search to find satisficing - good-enough - courses of action." His expanded disciplinary experience enabled him to apply computer modeling to "show that these techniques could account for the data of human problem solving in a range of both simple and complex situations." Simon's ideas, by his own admission, remain outside of the mainstream of modern economics, but he asserts that they will eventually find their way... "Living in Interdisciplinary Space," Herbert A. Simon Simon takes on the existential issues of what it means to focus on a particular...
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Cognitive and cognitive behavioral model of personality
3 pages (750 words)
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...BEHAVIORAL MODEL OF PERSONALITY College Cognitive behavioral model of personality is the idea that people become what they are due to the manner in which they perceive, receive, analyze, and interpret information. This model also believes that people have habitual patterns of thinking that make up their personality. The personality of a person therefore becomes that person’s cognitive pattern. I am interested in learning more about this model since it deeply explains how human behavior is related to their handling of day to day information. In most cases, people tend to come through similar problems in life but it is evident that they both tackle these problems and challenges in different... ?COGNITIVE...
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Behavioral economics & game theory in managerial microeconomics
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...Behavioral Economics & Game Theory in Managerial Microeconomics Behavioral Economics & Game Theory in Managerial Microeconomics Institution Behavioral Economics & Game Theory in Managerial Microeconomics Introduction In lay man language, the term economic means home management. It is the study of the system in which mankind systematizes itself to challenge the rudimentary difficulties of insufficiency resources between competing ends. These two explanations define economics as the social science that studies economic activities such as consumption of goods and services, exchange and production (Png, 2002). Managerial economics encompasses unification of economic theory with business... ? Running Head:...
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Universal Pocket Prescription Card, Behavioral Economics Paper
4 pages (1000 words)
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...Behavioral Economics Paper Universal Pocket Prescription Card, Behavioral Economics Paper Introduction Behavioral economics is a branch of economics that advocates for the study of psychological, emotional, social and cognitive factors in the making of economic decisions. The behavioral models will examine how the psychological and macroeconomic theories are. It gives the economist an insight into the market concepts and the ideas that drive the choice of consumption in the public. It sets to assess the risk and rewards of potential economic ventures by using the assessment of human reaction during the planning process (Junghans, 2015). The study focus... be in the giving of health care...
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Radiality as a Comprehensive Behavioral Model
3 pages (750 words)
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...Behavioral Model Radiality is the concept of spatial linguistic influences on social behavior. It is one way of understanding social networks. As a foundational cultural model it represents basic beliefs about how culture operates. It is one way to view human social behavior anthropologically. The construct of radiality describes linguistic influence on spatial and social relationships. The radiality cultural model establishes unifying factor in field of behavioral science. Here, we summarize its origins, describe its impact in other realms, investigate its methods, and enumerate some major contributions to cultural anthropology and cognitive science. The origins... of social relationships....
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Labor Economics
4 pages (1000 words)
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...Economic History, vol. 52, no. 1, pp. 41-60. Hotchkiss, J. 2006, ‘Changes in Behavioral and Characteristic Determination of Female Labor Force Participation, 1975-2005’, [Online] available at: http://findarticles.com/p/articles/mi_qa5423/is_200604/ai_n21395966 Number of Uninsured Down’, [Online] available at: http://www.census.gov/Press-Release/www/releases/archives/income_wealth/012528.html Ogburn, W. 1955, ‘Implications of the Rising Standard of Living in the United States’, The American Journal of Sociology, vol. 60, no. 6, pp. 541-546. Slesnick, D. 1991, ‘The Standard of Living in the United States’, Review of Income...
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Solow Economic Model
6 pages (1500 words)
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...ECONOMIC MODEL Solow growth model implies the summation of all the contributions made by the economist towards economic growth within the framework of neoclassical economics. Nobel laureate Robert Solow forwarded Solow Economic Model. Harrod Domar Model was preamble to Solow Model, the model introduced a new terminology of productivity growth. Modifications in Solow Economic model included, 1. "Productivity is the function of labor. 2. Introduction of time varying technology distinct from capital and labor. 3. Providing diminishing and constant returns to labor and capital separately." (Solow Economic Model Review) The varying capital output and capital labor ratios allow increased capital... SOLOW...
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Behavioral economics/urban economics/game theory/rational choice
4 pages (1000 words)
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...Behavioral Economics “Nudge” by Cass B. and Richard H. Summary of The book Nudge The book “Nudge” by Thaler and Sunstein explains basic principles of behavioral economics and human behavior as well as how they benefit from particular subtle or glaring influences. These influences are referred to as nudges. They tend to help people improve their well-being. The idea of choice architects and choice architecture was the first one to be introduced in the book. Choice architects have the responsibility for the contexts in which individuals makes their decisions. Good examples of choice architects are the...
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The Singapore's Economic Model
4 pages (1000 words)
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...economic growth model, which reincarnated the fallen country into the prosperous, business and trading center in South-East Asia. This economic development strategy of the government was based on the free market of capitalism and on the attracting foreign investors and their capital. The so-called “Singapore's model” was a source of inspiration and aspiration to a high standard of living for many other politicians in Asia, which also developed. In my opinion, the economic model can be justified by two important principles. Firstly, it is unique in supporting funds in fiscal policy, and secondly, because of it happening... The Singapore's Economic Model At a...
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China economic model
3 pages (750 words)
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...model also helps all participant as far a limiting the amount of import of consumer goods which improves the domestic demand among the internal participants of the Chinese economy. Some of the disadvantages of the model is that it pushes away many investors from China. Also the businesses become very bureaucratic due to the political involvement. This is bad because the enterprise become inflexible and can adapt to the market as fast. 6. Picture 2 ‘Trading technology’ presents China’s high-tech exports by ownership. Comment. What do the numbers tell you about the Chinese economic model? How... 1. Recent surveys showed that low quality is a barrier to the sale of Chinese products abroad. Why have the...
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Economics Economic Growth Models
4 pages (1000 words)
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...economic growth models: Neo ical, New Growth Theory, and Keynesian. The effects of war on each model is also explored. The Neoclassical growth model has its origins in 1800's through the works of William Stanley Jevon (Theory of Political Economy, 1871), Carl Menger (Principles of Economics, 1871), and Leon Walras (Elements of Pure Economics, 1874). Neoclassical economics gained further with the work of Joan Robinson and Edward Chamberlin. Robinson's The Economics of Imperfect Competition and Chamberlin's The Theory of Monopolistic Competition (both published in 1933) focused on models of imperfect competition. Their work led... This paper is a detailed summary of the following broad types of...
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Labour Economics
8 pages (2000 words)
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...modeling equilibrium labor market events given the limited amount of data to which researchers have access, much recent research has been performed outside of an explicit behavioral framework, with researchers pursuing the more limited objective of carefully describing the observed effects of recent minimum wage changes using quasi-experimental methods as discussed by Card and Krueger (1995). In their 1997 book Myth and Measurement: The New Economics of the Minimum Wage, they argued the negative employment effects of minimum-wage laws to be minimal if not non-existent (at least... There is a long history in labor economics and industrial relations of studying wages in specific labor markets. This...
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Supply Side Model of Economics
2 pages (500 words)
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...Model of Economics Proponents of supply side economics have d that reducing taxes will fuel the economy by increasing consumer spending. Through a period of time, the improved growth in the economy will create a larger tax base that will compensate revenue that was lost through the tax cut. Also referred to as trickle-down economics, it is based on the theory that income tax cuts mean workers get higher pay that they can spend and provides entrepreneurs and investors an incentive to invest and save (Case & Fair 21). Supporting the idea that supply (or production) of goods and services is significant for economic growth, supply side economics attempts to explain macroeconomic phenomena... Supply Side...
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International Economic Growth (Economics)
6 pages (1500 words)
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...Economic Miracle is the given to the historical phenomenon of Japan's record period of economic growth following World War II,spurred both by US investment, which has been made by the American government, under the auspices of the Supreme Commander of the Allied Powers, and Japanese government economic interventionism in particular through their Ministry of International Trade and Industry (Ellington, 2004). The situation in Japan in the first postwar years was more then just difficult. There was a total isolation from outer world. The state, which had lost during war almost 40 % of its wealth, which has haven't any raw material sources, was completely cut off exterior raw market... Japanese Post-War...
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Relationships between learning disabilities and the impact of behavioral disorders on standard experiences
24 pages (6000 words)
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...Behavior becomes a vital consideration in this instance. Some research has revealed that the standards by which we use to measure... ?INTRODUCTION A society that purports equality and thus concern for all of its citizens regardless of race, social or the presence of disabilities assumes an obligation of equality. While equality in outcomes may never be truly possible, all citizens of an egalitarian society deserve the opportunity to utilize what abilities they do possess to the best of their potential. Where behavioral difficulties exist as a result of special needs, due to some physical or mental handicap additional involvement is crucial in the interest of developing the native abilities possessed even ...
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Economic Assignment (Keynesian Economics)
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...Economics Table of Contents Answer to Question One 3 Answer to Question Two 5 Answer to Question Three 7 References 9 Answer to Question One According to perceptions in the Keynesian economics, the state or the government is an important part of an economy through which optimistic activities can enhance any adverse situation within an economy. John Maynard Keynes proved as to how an economy can sustain its adverse position of unemployment along with high inflation without intervention of the government. The reason for which government uses this theory of Keynes for improving economic performance is the power of controlling supply of money...
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Economic Portfolio - Development economics
4 pages (1000 words)
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...ECONOMICS PORTFOLIO Consumers, consumption expenditure in the economy, GDP/GNP, the standard of living and the expansion of the economy Source article: “Where credit’s due”, www.developments.org.uk SUMMARY This article discusses ‘micro-credit’ facilities and their impact on consumers and the economy in developing countries. It is discussed that micro-credit facility may be the only source or only hope for people in the developing countries; it may be the only way... EXTRACT: www.developments.org.uk/articles/where-credits-due ARTICLE: “Where credits due” Business leaders, Phil Smith and Eric Thurman, argue that microcredit is the world’s most powerful weapon against poverty. A microcredit loan is often th...
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Managerial Economics/Assignment 1
8 pages (2000 words)
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...standard neo ical assumption is that a business firm seeks to maximize profits from producing and selling an output in a market. What happens in real life, however, is that there are other objectives firms might decide to pursue and this has implications for price, output and economic welfare. Another flaw of the neoclassical assumption, actually brought on by the complexity of market behavior, is that it is difficult for firms to identify their profit maximizing output, as they cannot accurately calculate marginal revenue and marginal costs. Traditional economic theory suggests that the firm has a single goal. However, many behavioral economists argue that since... I. Criticism of Neo ical Theory The...
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Transtheoretical Model of Behavioral Change of Substance Abuse
5 pages (1250 words)
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...Model of Behavioral Change of Substance Abuse Institution’s Name: Transtheoretical Model of Behavioral Change of Substance Abuse Behavioral aspects of conditions are sometimes the key to therapeutical approach. The main aim of the paper is to apply the principles of the Transtheoretical Model of Behavioral Change to the condition of substance abuse and enhance health promotion among the people. While engaging in such promotions especially at the community level several sociological and psychological theories are applied and one such theory is the Transtheoretical model behavioral change. One of the major... Transtheoretical...
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Discuss the behavioral issues involved in Merit inc.'s standard cost dilemma
2 pages (500 words)
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...Standard costing refers to an accounting system that collects, evaluates and reportsactual costs, which leads to a far reaching implicit assumption through all the financial period. Standard cost is an estimated cost for a single unit of output. This essay seeks to examine the behavioural issues relative to the Merit Inc.’s standard cost of dilemma. Behavioural issues that arise from the use of the standard cost system in the merit Inc. include lack of motivation for both the employees and managers to work towards attaining the set goals. In the case of the employees the system does not offer a platform for the employees to work competitively in a bid... Behavioural issues at merit Inc. of Affiliation...
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The book report for Behavioral and Experimental Economics
4 pages (1000 words)
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...economic models. In this phase the book explains how other factors determine human behavior and not necessarily the ways explained in the economic models. It is through... Thinking Fast and Slow Thinking fast and slow is a book by Daniel Kahneman that summarizes the research he conducted incollaboration with Amos Tversky a lead psychologist. The book has won the Economics Nobel Prize a factor that has amazed many writers and readers as well since Kahneman is a lead psychologist as well. The book has been divided into three main phases that have been compounded to highlight the different theories and perspectives that can relate psychology top different psychological aspects. The phases covered in the...
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About Capital Asset Pricing Model
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...Model but its theoretical and sound reasoning has attracted the financial engineers. Criticism has grown in the recent period but CAPM will stand until something better is presented. It is difficult to replace CAPM as it remains at the heart of financial toolkits due to its intuitive appeal. References Elton, E. J. & Gruber, M. J., 1997. Modern portfolio theory, 1950 to date, Journal of Banking & Finance, 21, pp.1743-1759 Faff, R.W., Brooks, R. D. & Kee, H. Y., 2002. New evidence on the impact of financial leverage on beta risk: A time-series approach, North American Journal of Economics and Finance, 13, pp.1–20 Fama E. F. & French K.R., 2003... Table of Contents Introduction: 2 Assumptions: 2...
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Red Lotus Model
17 pages (4250 words)
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...Model is salutogenic in the sense that it focuses on the sustainability of the future (Warwick-Booth, Cross and Lowcock, 2012). It emphasizes on the factors that support health in the process of assessing the needs. Other ordinary models focus on the behavior that promotes the risk of diseases and infections. Mostly, these models give much concentration on the specifics involving infections and other disease related aspects, and explore these specifics deeply in their presentation. These models are equally important because they help in explaining and understanding various critical aspects which are closely related to health and medicine in general. 3.1.2... ? A Critical Commentary Introduction 2....
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Behavioral Economics: Social Security Privatization in Sweden and Chile
10 pages (2500 words)
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...economic status of a country is the main factor which decides the privatization of social security. The administration is also an important aspect since privatization requires an efficient administration that can manage social security much better than how the government does. This privatization can be achieved by implementing a strategy that ensures that it provides more benefits to the country as a whole. Though privatization seems to be an easier task, the amount of risk involved is high. The level of positive benefits purely depends on the country and the administration of the government. The risk mainly revolves around the financial... Social Security Privatization Introduction Social...
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The Capital asset pricing model (CAPM) is a very useful model and it is used widely in the industry even though it is based on very strong assumptions. Discuss in the light of recent developments in the area
7 pages (1750 words)
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...model through demonstrating how well securities had performed in the near past and how they tended to experience greater returns in the future (Grauer & Janmaat, 2013). This was further shown that equities that experienced higher sensitivity to fluctuations in the market returns were prone to yield lower returns in comparison to other firms in the same market. This was conducted in the United States but there is proof that the same conditions are applicable in other parts of the world. In recent times, following new developments in experimental economics and behavioral finance, variables related to the psychology of the investor should be used in the CAPM model... THE CAPITAL ASSET PRICING METHOD (CAPM)...
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Financial economics
10 pages (2500 words)
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...Behavioral Finance,” in Handbook of the Economics of Finance, G.M. Constantinides, M. Harris and R. Stulz, eds. Chap.18, pp.1051-121. Barth, J., G. Caprio, and R. Levine, 2006, Rethinking Bank Regulation: Till Angels Govern, Cambridge University Press, New York, NY. –––––, 2012, Guardians of Finance: Making Regulators Work for Us, the MIT Press, and First Edition. Fresno, Wayne E., and Korajczyk, Robert A. 1995. Do arbitrage pricing models explain the predictability of stock returns? Journal of Business 68 (July): 309–49. Gibbons... Notion of purchasing power parity: It is defined as an economic theory that estimates the magnitude of variation and adjustment needed on the exchange rate between...
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Compare and contrast the standard-based model and the coaching/mentoring model
1 pages (250 words)
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...Standard-Based Model and the Coaching/Mentoring Model The Standard-Based Model and the Coaching/Mentoring Model The standards-based model is a continuing professional development model that allows teachers to evaluate and account for student progress more accurately. It also gives students a chance to show their learning and understanding (Kennedy 2005, p. 241). The Coaching/Mentoring model is a framework analysis tool used in continuing professional development that set sets up a two-way interaction between teachers...
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Economics and Economic Change Macroeconomics
7 pages (1750 words)
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...economic progress of the country (Madura, 2008). International organizations also play a role in enforcing rules and regulations for international trade and maintaining international standards (International Monetary Fund 1992). From Fixed to freely floating exchange rate system, discuss the current different types of exchange rate systems and explain your countrys exchange rate system according to IMF classification. Exchange rate systems are defined as the methods... Economics and Economic Change Discuss the impact of globalization on inequality and support your answer with real life examples. Globalization is generally defined as the increase in openness of the trade policy. It can be interpreted in...
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Compare and contrast Austrian and Post-Keynesian criticisms of the standard neoclassical view of the competitive process
8 pages (2000 words)
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...economic school of thought has always been subjected under deep examination and scrutiny in the hands of several prominent economists. Among these critics are economists Israel Kirzner and Marc Lavoie, who are the major proponents of the Austrian and the Post-Keynesian alternative approaches, respectively. Apparently, the Neoclassical model was seen to have major issues with regards to the three basic assumptions of the model: (1) that people possess rational preferences over results that produce value, (2) that individuals are after of maximisation of utility while firms act in ways to maximise... ?Comparison between Austrian and Post-Keynesian Criticisms to Neo ical Theory I. Introduction The Neo ical...
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Global Economic Issues
10 pages (2500 words)
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...behavior. The variables on which such a behavioral model can be built depend on the evolutionary process... Global Economic Issues Introduction Free market ideologues have been advocating a fundamentally dissociative approach to international finance in particular and globalization in general (Held and McGrew, 2007). Of equal fundamental importance is the strategic significance of the operational and competitive environments of the public and private international financial services organizations. The theoretical constructs on globalization have been varied and complex. This diversity has injected a considerable amount of controversy and conjecture into the current discourse on the subject though. ...
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Economic Growth - Solow Growth Model and Beyond
7 pages (1750 words)
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...models in which agents maximally determined the consumption and saving, optimization of resources allocation to research and development resulting in the progress in technology. The incorporation of imperfect markets and R& D of the rates to the growth models were carried out by Romer (1986, 1990). He received significant contributions from Aghion and Howitt (1992). As a result of the shortcomings mentioned above, the Solow Growth model was taken as a basis of economic literature that focuses on the income growth behavior across countries (Benard and Durlauf, 1996). In addition, the conditional convergence of the income among countries drew a negative implication... Development of Problems and...
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Using economic principles, analyse the law of obligation (Negligence)
16 pages (4000 words)
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...economic consequences. These assertions however, do not match up unswervingly to conventional questions in the philosophy of law because normativity and the requirement to comply with the law are not openly looked at. Economic analysis of law will use a policy perspective to make this evaluation and this angle of reasoning often absolutely adopt some alternative of legal positivism. Analyzing the behavioral effects of the law... ?Using Economic Principles, Analyse the Law of Obligation (Negligence) Economic analysis of law uses microeconomic hypotheses to examine rules of negligence and obligation. Economic analysis of law brought at the centre of academic discourse by Richard Posner in 1973 in The...
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Model answer for Business Environement and Economics
18 pages (4500 words)
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...Model answer for Business Environment and Economics Table of Contents Answer to Question Number 3 Answer to Question Number 2 4 Answer to Question Number 3 6 Answer to Question Number 4 8 Answer to Question Number 5 10 Answer to Question Number 6 12 Answer to Question Number 7 13 Answer to Question Number 8 15 Answer to Question Number 9 17 Bibliography 19 Answer to Question Number 1 When currency value of one nation falls in comparison with that of another nation, it leads to devaluation in the rate of exchange of the former to that of the latter. However, it need not imply that the nation with a devalued currency will suffer in each and every aspect of...
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Economics ..International trade Questions (Ricardian Model)
2 pages (500 words)
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...Model Man hours per unit Country Bananas Machines U.S. 8 2 Equador 4 4 U.S. has 3200 workers. Equador has 400 workers. (a) Equador has the absolute in Bananas. This is because the unit labor cost of production of bananas in Equador is 4 man hrs, which is lower than that of U.S. at 8 man hrs per unit. (b) The unit productivity of labor for each country are shown as under: Country Bananas Machines U.S. 1/8 = 0.145 ½ = 0.5 Equador ¼ = 0.25 ¼ = 0.25 The relative factor productivity for Bananas in U.S. is = 0.25/0.5 = 0.5 The relative factor productivity for Bananas in Equador = 0.25/0.145 = 1.72 The relative factor productivity in the production of Bananas is higher in Equador, so it enjoys... Ricardian...
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Chinas economic growth through the Solow model
5 pages (1250 words)
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...Economic Growth Appraisal through the Solow Model Solow Model The Solow model is also known as Solow-Swan growth model or the neo icalgrowth model and the exogenous growth model. The model delineates economic models pertaining to long term growth within the framework of neoclassical economics. These growth models try to explain the long term economic growth using indicators such as productivity, technological progress, capital accumulation as well as population growth. The...
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Service concept Service concept profiling The SERVQUAL model
7 pages (1750 words)
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...models lacks theoretic framework in business studies and economics. This is due to the fact that it lacks established position in economic theory that creates business models. Economic theories hold the assumption that trade thrives around intangible and tangible products. Where, economic theories assume standard competitive market approach to the problem of value capturing. In these regard... ? CRITIQUE OF SERVICE CONCEPT, SERVICE CONCEPT PROFILING AND THE SERVQUAL MODEL IN BUSINESS Submitted A new business enterprise either implicitly or explicitly employs specific business theory, concept, technique or management ideas that explains the architecture or the design of delivery, value creation or...
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Managerial Economics
12 pages (3000 words)
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...behavioral economics. American economic review, pp. 1449-1475. Korobkin, R., 2003. Bounded rationality, standard form contracts, and unconscionability. The University of Chicago... Managerial Economics Module Assignment Table of Contents Portfolio Task One: Bounded Rationality and Heuristics 3 1 Introduction 31.2 Effectiveness of Bounded Rationality 3 1.3 Evaluation of the use of Heuristics in decision-making process 5 1.4 Conclusion 6 Reference List 8 2.Portfolio Task Two: Roadside Catering Market 9 2.1 Introduction 9 2.2 Justification for the identification of the Market Structure 9 2.3 Evaluation of the strategies used by the Roadside Catering Market 13 2.4 Conclusion 15 Reference List 16 1. Portfolio ...
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Critical evaluation on the standard model of professional legal ethics (neutral -partisanship )
6 pages (1500 words)
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...standard model of professional legal ethics (neutral -partisanship Introduction Professional legal ethics otherwise know as neutral partisanship is a theory where the lawyers are obligated to work for their client in the limits of legal boundaries. According to this theory, the lawyers need to keep high standards of morality in their profession and this at times goes against the interest of their clients. According to Atkinson (1993)“The concept of lawyering are two correlated principles, partisanship and neutrality. The first of these, partisanship, is the more obvious:' the lawyer is to use all legal means, and the maximum of personal energy and zeal, to advance any... ?Critical evaluation on the...
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I would like to focus on the way behavioral economics effects a failing market
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...Economic role of the Government has four main components: 1. what is to be produced? 2. how is it to be produced? 3. for whom to be produced? 4. how are these decisions made? (Joseph Stigletz, 2000). Now, lets see how an incentive structure can influence different markets. Institutional structure shapes the economic framework of a country. They build the basic structure of an economy which influences the level, pattern, and sustainability of growth. As an evidence, same macroeconomic models when applied to different countries produce different outcomes altogether! Institutions are a set of formal rules and informal norms that together with enforcement... ?Capitalism is an economic system in which the...
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