Banks do not take steps to increase security since they believe it is less costly to allow some bank robberies than to install expensive security monitoring equipment. Explain how this demonstrates that economic agents respond to incentives.
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Banks do not take steps to increase security since they believe it is less costly to allow some bank robberies than to install expensive security monitoring equipment. Explain how this demonstrates that economic agents respond to incentives.
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- How can oppotunity cost affect behavior?Back in 2007, William Beeny, the 81-year-old founder of a quirky roadside museum devoted to proving that Elvis Presley is still alive, put the museum's entire collection of Elvis memorabilia up for auction. The collection included photographs, books, yellowed news clippings, and replicas of Elvis' Cadillac. His wish was that the winning bidder would buy the collection and carry on his theory that the King never died. Beeny refused to put a value on his collection. "Value is in the eye of the beholder," he said. "One man's trash is another man's treasure." Suppose four individuals decided to participate in the auction and that their private values of the collection are as follows: Bidder Valuation Dimmy $147,000 Virginia $158,000 Burt $153,000 Hope $150,000 Which of the following statements is correct? O In a first-price sealed-bid auction, Virginia would win the collection but might end up paying more than $158,000 (winner's curse). O In an English Auction, Virginia would win the…Moral hazard is a costly behavior because the insured party acts riskier than they would normally, knowing that they’re covered, and insurance companies allow it because they can sell more policies in addition to receiving bailouts from the government. It is natural for moral hazard to happen, but its effects can have consequences. This was seen during the 2007–2008 financial crisis on Wall Street that later led to the Great Recession. Because interest rates were at an all-time low, credit was incredibly cheap, and borrowing money was easier than ever. Borrowers rushed to buy homes, including those who could not previously afford it. Money lenders approved loans and sold them to banks, which were marketed and sold as low-risk investments. The loans were then sold to investors who were looking to make an easy profit. The U.S. Federal Reserve then increased interest rates as the economy was recovering, but as a result, the housing market crashed because people were unable to make…
- Babs sees an e-book reader on the porch of Coco’s house, takes the reader to her home, and tells everyone she owns it. Danno, wielding a knife, forces Easter to give him her smartphone, and runs away with it. Fritz breaks into Ginger’s apartment, takes a laptop, and leaves. Hazel sells Idi an expensive wristwatch for a fraction of its value, admitting that the watch is stolen property but claiming that she is not the thief. Which of these acts are crimes, and what are the differences among them? Please write your initial post using the IRAC method. I don't understand how to use the IRAC method with this situationWhy is it so important to get incentives right when creating a policyThere is a new trendy cellphone. Almost everyone enjoys it. Would you say that the bandwagon effect on consumers has increased?
- In SpringbokVille pieces of paper called bucks are the only item that buyers give to sellers when they purchase goods and services, so it would be common to use, say, 300 bucks to buy a rugby jersey. Prices are posted in terms of bokkies, so you might walk into a supermarket and see that, today, a rugby ball is worth 40 bokkies. Bokkies decay overnight, so no bokkie has any value for more than 24 hours. In SpringbokVille 1. the bokkie fulfils the unit of account function, but it cannot serve as a store of value. II. bucks fulfil the medium of exchange and unit of account functions. Select one: O a. Statement I is correct. Ob Both statements I and II are incorrect. O c. Statement II is correct. Od Both statements I and II are correct.A thug wants the contents of a safe and is threatening the owner, the only person who knows the code, to open the safe. The table shows the value that each person places on the various possible outcomes. Thug Safe's Owner Open the safe, thug does not kill 4 3 Open the safe, thug kills 2 1 Do not open, thug kills 1 Do not open, thug does not kill 3 4 In the rollback equilibrium, the owner, ; and the thug does not open the safe; kill opens the safe; kill opens the safe; does not kill does not open the safe; does not kill O O O OWhat do you think of the ethics of using unconscious nudges to alter people’s behavior?
