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Слайды и текст к этой презентации:
№5 слайд
![Which course? Economics is](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img4.jpg)
Содержание слайда: Which course?
Economics 1 is for students who
do an Economics degree (compulsory);
did Higher, A(S)-level, IB Economics
or equivalent;
did Higher, A(S)-level, IB Mathematics
or equivalent;
intend to transfer into a degree in economics
Otherwise,
Economic Principle and Applications (EPA)
is likely to be the better course for you.
№6 слайд
![There are three lectures per](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img5.jpg)
Содержание слайда: There are three lectures per week
There are three lectures per week
Tuesday, Thursday and Friday from 16:10 to 17:00 in this room
In semester 1, the Thursday lectures will be about maths
There is a two-hour tutorial every week
Tutorials start in week 2 and run until week 10 each semester
Times vary; you will be signed up automatically by the Student Allocator
Attendance and homework submission at tutorials is 10% of your final grade
№7 слайд
![Assessment four class exams](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img6.jpg)
Содержание слайда: Assessment
30% : four class exams (one at the end of each 5-week block)
The October, February and March exams are 60 minutes, MCQ-based and potentially worth 10% each, but we only count the best 2 out of 3. They occur
Semester 1 – Saturday after week 5 (22 October)
Semester 2 – Saturday after week 5 (18 February)
Semester 2 – Early in week 11 (date to be confirmed)
The December exam is 90 minutes, MCQ and written, and counts for 10% of your final grade
10% : Tutorial attendance & homework
Details on the next slide
10% : Essay
Due in the second semester
50% : Final exam
Consists of MCQs and written questions, scheduled in the April/May diet
№8 слайд
![Tutorial attendance and](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img7.jpg)
Содержание слайда: Tutorial attendance and engagement (10%)
To earn points, students must bring homework at the beginning of their tutorial. The homework must be at least three sides of written or two pages of typed work which attempts to answer the questions from the current week’s tutorial sheet. The answers do not have to be correct; all that is necessary is that the questions are attempted. You also need to submit a ‘declaration of work’ coversheet.
Each week that a student brings homework and attends their tutorial, they earn 1 mark;
Each week that a student attends their tutorial without bringing homework, they earn 0 marks. But you should still attend. Each week students miss their tutorial, they earn 0 marks.
A maximum of 14 marks are available, (14 marks are worth 10% of your final grade; fewer marks are worth fewer points on your grade!)
№9 слайд
![Economics Reading Group](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img8.jpg)
Содержание слайда: Economics 1 Reading Group
Optional reading group
Six meetings over the year
Lots of work (reading & writing) for the chance at up to a 6% bonus on your final grade
Only makes sense if you really like reading and talking about economics
More details in the course handbook
First meeting : Wed 05 Oct @ 6:15pm
Topic of first meeting and other details have already been emailed (please contact sean.brocklebank@ed.ac.uk if in doubt)
№13 слайд
![maths in economics why? Many](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img12.jpg)
Содержание слайда: maths in economics: why?
Many economic magnitudes are inherently numerical - prices, quantities, interest rates
maths offers a very efficient way to express relationships - between price and quantity demanded, or unemployment and inflation
maths enables us to analyse many interacting relationships at the same time
a central concept in economics – of rational maximising agents – is naturally modelled using maths
we need to formulate and test our theories using statistical techniques which require some maths
using maths to develop economic theories reduces the possibility of logical errors and inconsistencies
№14 слайд
![what maths do we use in](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img13.jpg)
Содержание слайда: what maths do we use in Economics 1?
basic algebra solving simultaneous linear equations
logs and indices basic calculus
maximization
these techniques are developed and applied as part of the economics
on Learn:
a guide 'Mathematics for Economics' outlining the techniques used
maths exercises included in weekly tutorial sheets.
leaflet prepared by Economics Network
http://www.economicsnetwork.ac.uk/themes/maths_formula_sheet.pdf
http://www.metalproject.co.uk/, website of Mathematics for Economics: enhancing Teaching and Learning; esp. link to Teaching and Learning Guides
For a non-mathematical treatment, take
Economics: Principles and Applications (EPA)
№18 слайд
![the market for lemons a](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img17.jpg)
Содержание слайда: the market for lemons
a seller has a car that is either good (a plum) or bad (a lemon)
plum lemon
value to buyer 3,000 1,500
value to seller 2,500 1,000
the difference of 1,500 between plum and lemon reflects repair costs to convert a lemon to a plum
with complete information:
a plum would sell for between 2,500 and 3,000
a lemon would sell for between 1,000 and 1,500
№19 слайд
![what if the quality of the](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img18.jpg)
Содержание слайда: what if the quality of the car is private information and hence unknown by the buyer?
what if the quality of the car is private information and hence unknown by the buyer?
if the buyer cannot tell a plum from a lemon then there cannot be separate prices for the two types
So, how much would a buyer pay for a car of unknown type?
Recall:
plum lemon
value to buyer 3,000 1,500
value to seller 2,500 1,000
№20 слайд
![if the proportion of plums](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img19.jpg)
Содержание слайда: if the proportion of plums and lemons offered for sale is 50-50, then a randomly selected car would have an expected or average value to the buyer of ½ (3000+1500) = 2250
if the proportion of plums and lemons offered for sale is 50-50, then a randomly selected car would have an expected or average value to the buyer of ½ (3000+1500) = 2250
this is the maximum price a buyer would be willing to pay for a randomly selected car
but at this price or less no owner of a plum would be willing to sell, since he values a plum at 2,500
only lemons are offered for sale
this is a severe case of adverse selection
theory developed by Akerlof in 1970s (got Nobel prize in 2001)
№22 слайд
![if the proportion of plums](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img21.jpg)
Содержание слайда: if the proportion of plums and lemons offered for sale is ¾ and ¼ , then a randomly selected car would have an expected or average value to the buyer of
¾ x 3000 + ¼ x 1500 = 2625
at this price, both sellers of plums and lemons are willing to sell
a buyer might get lucky or unlucky
but he or she is willing to take the risk
note: we are implicitly assuming risk neutrality
№23 слайд
![market failure if the maximum](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img22.jpg)
Содержание слайда: market failure
if the maximum price a buyer is willing to pay is less than 2500, only lemons are offered for sale
buyers realise this (or find out through various sources)
and hence would not be prepared to pay more than 1,500
only lemons are sold, even though there is a potential gain from a market in plums
owners of plums cannot convince buyers that their cars are plums
mere verbal assurances about quality are not convincing since this is a tactic that can be costlessly imitated by owners of lemons
№24 слайд
![the ubiquity of possible](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img23.jpg)
Содержание слайда: the ubiquity of (possible) adverse selection
insurance markets careful/reckless drivers
healthy/already ill people
labour markets conscientious/lazy workers
capital markets entrepreneurs with high/low risk projects
asset markets car owners know if the clutch is no good
house sellers know where the dry rot is
№25 слайд
![adverse selection and](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img24.jpg)
Содержание слайда: adverse selection and liquidity
banks selling bundles of debt (CDOs) know if the underlying loans are toxic or not
here, market failure means a breakdown of secondary financial markets and a possibly severe loss of liquidity
this can be contagious and have macro (economy wide) consequences
№26 слайд
![signalling one way to](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img25.jpg)
Содержание слайда: signalling: one way to overcome adverse selection
an informative signal of quality is one that it is not worth the owner of a lemon imitating
e.g. the seller of a plum can offer a warranty that a lemon owner would find unprofitable
in labour markets, education can be seen as a signal of productivity
not because education makes you productive
but because only productive workers can acquire education at low cost
this view of education developed by Spence, who shared the 2001 Nobel prize with Akerlof and Stiglitz
№31 слайд
![the Prisoner s dilemma is a](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img30.jpg)
Содержание слайда: the Prisoner’s dilemma is a metaphor for a wide range of situations,
the Prisoner’s dilemma is a metaphor for a wide range of situations,
where cooperation is mutually beneficial but not individually rational
collusion in cartels restrict or expand output
set high or low prices
trade wars low or high tariffs, quotas
overfishing restrict or expand catch
CO2 emissions restrict or expand pollution
arms races, advertising
№32 слайд
![some interesting questions to](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img31.jpg)
Содержание слайда: some interesting questions to consider
What if the situation is repeated? Does cooperation emerge?
How can we test this theory?
Experimental economics is now a very active research area
In practice, people do seem to cooperate more than the theory suggests? Why? Maybe economics does not have the answer to everything!
№36 слайд
![life s a beach again, this](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img35.jpg)
Содержание слайда: life’s a beach
again, this can be seen as a metaphor for many other situations
we have to reinterpret what we mean by ‘the beach’ (known as the
Hotelling line)
a common application is to explain a lack of product variety, e.g. cars,
breakfast cereals
in models of political parties, the beach could be a Left-Right spectrum,
parties choose a political position, and consumers are voters
№37 слайд
![some interesting extensions](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img36.jpg)
Содержание слайда: some interesting extensions to consider
what if there are 3 or more sellers?
what if the beach is not a line but the circumference of a circle, or the whole circle, or some other space
how would we introduce transport costs?
and what do transport costs mean in a non-geographic setting?
how do we combine competition in both price and variety?
№38 слайд
![the demand for things without](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img37.jpg)
Содержание слайда: the demand for things without a market
a common problem is how to estimate the benefits of a project or policy e.g. a new bridge, or laws restricting traffic speed
if available, data on existing prices and quantities is a starting point
if not, behaviour in other markets may give some information e.g. travel costs
implicitly it costs time, fuel etc to access some resources, such as a country park
if people pay these costs this reveals something about how they value the resource
can we use data on time, fuel costs etc to infer these values?
№39 слайд
![hedonic pricing hedonic](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img38.jpg)
Содержание слайда: hedonic pricing
hedonic pricing
people are prepared to pay more for goods of higher quality, or that embody desired characteristics
or will accept less pay for jobs that provide valued benefits
require more pay for jobs that have costs or disadvantages
think of goods or jobs as a bundle
can we put a value on each component of the bundle?
№40 слайд
![using house prices a house](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img39.jpg)
Содержание слайда: using house prices
a house: price reflects
size, style, number of rooms
location:
proximity to amenities (parks, transport links, access to state schools)
local environment (e.g. noise etc)
implicitly there is a market for ‘peace and quiet’, or access to good state schools’
we can collect data on prices and characteristics
then statistically disentangle influence on price of each characteristic
№41 слайд
![house prices and school](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img40.jpg)
Содержание слайда: house prices and school quality
Cheshire and Sheppard, (Economic Journal Nov 2004)
looked at house prices in Reading in 1999/2000
price: min=£45,000 max=£385,000 mean=£127,000
price depends on (inter alia):
detached, semi, terrace etc size of plot
no. of bedrooms, baths etc if near Thames
distance from centre of town if near industry
transport links ethnic mix
quality of primary school (success rate at Key Stage 2)
quality of secondary school (success rate at GCSEs)
№43 слайд
![conclusions from the study](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img42.jpg)
Содержание слайда: conclusions from the study
For the average house the difference between the best and worst schools is
secondary: 19% or £23,750.
primary: 34% or £42,550.
Home buyers discount for risk: the more the variability in a school’s past results, the less is paid for current school quality. i.e. they are risk averse
Only the 'best' (top 10%) state schools command major money: being in the catchment area of an average school compared to even that of the very worst has little impact on prices.
The added cost for a home with access to the best state schools is close to the total cost of school fees for comparable private schools.
№44 слайд
![conclusions from these](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img43.jpg)
Содержание слайда: conclusions from these problems
simple numerical examples can be very enlightening
simple models can be enlightening – no need for lots of complications
eventually we do need to test the models with data
some concepts appear in totally different settings
apparently unrelated problems sometimes have a common structure
№45 слайд
![How is economics done?](/documents_6/7708c0260cc2ac44fcae631e45a903fd/img44.jpg)
Содержание слайда: How is economics done?
constructing theories
simplifying assumptions
generate (testable) conclusions
data gathering
statistical sources
“experiments”
theory testing
confront theory with data
change theory, gather more data
use the theory and data to make statements about the world, formulate policy, make money etc.
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