scattered economic questions

Midterm Due 5:50 pm Feb 20th, 2016

[Hardcopy in-class and electronic copy via Turnitin]

 

Please answer each of these questions, assemble into one word document and submit via Turnitin [Midterm link] on Blackboard. I also require a hardcopy before class on that day. Please use Cambria, Font 12, and 1.5 Space. Please also use any resources available to you but be sure to focus on economic literature and cite appropriately.

 

  • [15 POINTS] What methodological issues would occur when conducting Cost Effectiveness Analysis according to Levin and Belfield 2013? Please be as specific /thorough as possible, with supporting examples (scholarly citations). [250-350 words]
  • [15 POINTS] Please present and discuss an example of cooperative surplus (hence, the potential gains from trade). An example is the Dean’s dam in Polinsky Chapter 2. Be sure to illustrate necessary condition for activity (build the dam, make a trade, etc.) to occur and what would cause these actions to not occur. [250-350 words]
  • [40 POINTS] In Belfield (2015) which we analyzed in class, he compared Cost- Benefit Analysis and Cost-Effectiveness analysis with illustrative examples. He also explained thoroughly on the analysis of cost. In a previous paper, Brown and Belfield (2002), they actually introduced CEA with an example and answered the question “How cost-effective are lectures?” Based on the reading of this paper, please answer the following questions:
  • What are the alternatives that the authors consider for comparison? Why are these considered to be appropriate alternatives? Which ones are most widely used? Why? [250-350 words]
  • How do Brown & Belfield estimate costs of the alternatives? Are their estimates complete? Do you see any biases? [250-350 words]
  • How do Brown & Belfield estimate effectiveness of the alternatives? Is this measure of effectiveness appropriate? Does it leave out anything important? [250-350 words]
  • What is the Brown & Belfield conclusion on cost-effectiveness? Do you agree with their conclusion? Where would you be cautious? [250-350 words]

4)   [15 POINTS] In “The Institutional Structure of Production” Coase (1992) asserts “the efficiency of the economic system depends to a very considerable extent on how these organizations conduct their affairs, particularly, of course, the modern corporation” (Coase, 1992: 714). Please discuss this assertion in the context of transaction and production cost and economic efficiency. [250-350 words]

5)   [15 POINTS] In the context of property rights, DeSerpa asserts “to the extent that rights matter, [property rights] tend to evolve in ways that resolve subtle problems in the direction of efficiency.” Please discuss how property rights evolve over time. [250-350 words]

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