Learning Motivator I Senior Seminar

October 7, 1997

  1. It is 1:00 a.m. in Calvert Hall. Julie is trying to study for her Organic Chemistry test in two weeks. The next hour of concentration is worth $12 to her. Next door, Seth is throwing a party. The next hour of partying is worth $10 to Seth and his friends.
  2. According to Coase, what exactly will happen (what will the outcome be and how will it be reached) if parties are permitted whenever anyone wants?

     

     

     

     

     

     

    How (if at all) would the transactions (if any) differ if parties were only permitted when everyone on the hall said it was OK?

     

     

     

     

     

    The following week at the same early morning hour, Matt is trying to sleep in preparation for a cross country meet. The next hour of sleep is worth $8 to him. Melissa is rehearsing a sorority skit next door and keeping him up. According to Coase, what exactly will happen if their R.A. enforces a policy that noise cannot continue past 1:00 a.m. unless everyone on the hall says its OK?

     

     

     

     

     

    What was one example Coase gave for a scenario where his theory could come into effect?

     

     

     

    What could prevent the Coase theorem from working?

     

     

     

  3. What relationship does the Philips Curve portray?
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    What is money illusion?

     

     

     

     

     

     

     

     

     

    What does the natural rate refer to?

     

     

     

     

     

     

     

     

     

     

    What is the Adaptive Expectations Hypothesis?

     

     

  5. What does Anderson (1997) look at that was largely omitted from previous studies of the cost of crime?
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    What cost category is not a net loss to society?

     

     

    You learned about public goods and externalities in your previous training at Centre. How do they relate to the economics of crime?

     

     

     

     

     

     

     

    How might an economist measure the psychic cost of deaths due to crime?

     

     

  7. What are some problems with using the Internet as a source of research information?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

List five other sources of information besides the Internet and professors.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Is it X, Y, and Z or X, Y and Z? Is it towards or toward?