Waldfogel, Joel. “The deadweight loss of Christmas.” The American Economic Review 83.5 (1993): 1328-1336. Reinstein, David. “The Economics of the Gift.” (2014; working paper and chapter in Gift Giving and the’embedded’Economy in the Ancient World, F Carlà, M Gori - 2014). D. Colander \Edgeworth’s Hedonimeter and the Quest to Measure Utility’’ Journal of Economic Perspectives, Spring 2007: 215-225. Sugden, Robert. “Looking for a Psychology for the Inner Rational Agent.” Social Theory and Practice 41, no. 4 (2015): 579-98..

Friedman, Milton. “The methodology of positive economics.” (1953): 259. Classic but perhaps outdated Sugden, Robert. “Credible worlds: the status of theoretical models in economics.” Journal of Economic Methodology 7.1 (2000): 1-31. Sugden, Robert; Sitzia, Stefania. “Implementing theoretical models in the laboratory, and what this can and cannot achieve.” Journal of Economic Methodology, Vol. 18, 2011, p. 323-343.

AUT: Lecture 3 - Axioms of Consumer Preference and the Theory of Choice (note, slightly different notation)

Waldfogel, Joel. “The deadweight loss of Christmas.” The American Economic Review 83.5 (1993): 1328-1336. Reinstein, David. “The Economics of the Gift.” (2014). D. Colander \Edgeworth’s Hedonimeter and the Quest to Measure Utility’’ Journal of Economic Perspectives, Spring 2007: 215-225.

Loomes, Graham, Chris Starmer, and Robert Sugden, 1991.“Observing Violations of Transitivity by Experimental Methods”. jstor link Choi, Syngjoo, et al. “Who is (more) rational?.” The American Economic Review 104.6 (2014): 1518-1550.a.

For maths, see also Mathematical methods for economic theory … also free online!

Here Y has a diminishing MU, but for X MU is constant

No, because if it were at such a point, it could raise its price and its revenue would increase and costs would decline.

Paying the vertical distance between B and D (sacrificing this amount of ‘other goods’) to obtain the second ticket will leave her at point D. This is on the same indifference curve aas point B so this leaves her equally well off. Thus this is the most she would be willing to pay for the second ticket.

No, because if it were at such a point, it could raise its price and its revenue would increase and costs would decline.

Mock mid-term exam

Individual optimisation solved problem

Individual optimisation solved problem

‘people buy less when the price rises, all else equal’.

(Left) when goods are perfect substitutes, there is no Substitution effect of a price change. For prices lll and l′l′l', the minimum-cost consumption that attains U1U1U_1 is the same point (A,B)

common measure of the burden: ‘amount a person would be willing to pay to avoid tax’, for a given revenue raised *A step-by-step illu

2. That is, at this consumption plan he or she would be willing to give up 3 beer

f*h'(r)

Goals of this problem set: Re-acquaintance with mathematical approaches to Economics (e.g., simultaneous equations, graphing functions) Revising the supply and demand model and its implications, applying this to real-world problems, considering empirical approaches Understanding the logic of ‘difficult’ multiple choice questions (assessment tips) Discussing and writing a coherent response to applied Economics questions

Note: The lecturing ‘slides’ are posted contemporaneously to each lecture, but there is no need to look at them – this web-book (‘handout’ is king). OK, fine… the link to the slides is HERE, but don’t look at them. (If you do you will need to press ‘o’ to see the navigation map.

3 Math tools and empirical analysis - – coverage outline

4 Utility and Choice (L2)

2 Economic Models (L1-2)

Alfred Marshall argued that a good’s price must equal both the cost to produce and the value (to consumers) of the last unit produced and consumed.

With ‘single crossing’ (a fancy condition you can ignore in this module) there is a unique price where Qs(p)=Qd(p)Qs(p)=Qd(p)Q^s(p)=Q^d(p), and a unique quantity where the last unit’s value to the consumer equals its cost to produce.

1∗1

GTA’s: Ten minutes, i.e., minutes 5-15 of of tutorial, perhaps (after introducing yourself etc).

Goals of this problem set:

Not ‘output’ – ‘nets provided’ nor ‘paintings purchased’ (Total or marginal) impact per dollar = output per dollar ××\times impact per output

Little giving to the most effective charities ‘Innumerate empathy’: key barrier to promoting effective giving?

When Pandoc converts Markdown to another output format, it uses a template under the hood. The template is a plain-text file that contains some variables of the form $variable$. These variables will be replaced by their values generated by Pandoc. Below is a very brief template for HTML output:

When used locally, this feature requires that reveal.js runs from a local web server.

Vague questions

4.9 …Stating empirical results

“Has the legacy of British institutions increased or decrease the level of GDP in former colonies?”

“how do risk-averse individuals choose among a set of uncertain gambles?

Fields

3.4 Theoretical vs. Applied (focus)

The book is written in RMarkdown with bookdown. It is automatically rebuilt from source by travis. R4DS is a collaborative effort and many people have contributed fixes and improvements via pull request.

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This tool is designed to help you inform your marketing, improve retention of your donors and ultimately increase your income. It means you can target your donors in a really timely way, when you are most at risk of losing them and when they are most likely to donate, maximising your impact whilst still adhering to The Fundraising Regulations.

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A scatter plot represents two dimensional data