Economics Microeconomics by Robert J. Pindyck & Daniel L. Rubinfeld

By Robert J. Pindyck & Daniel L. Rubinfeld

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For example, the cost of operating the trucks (paid by the company) increased with the speed of the truck. Drivers preferred to drive faster than the cost-minimizing speed, and to take longer breaks. 3 The emergence of a garrison economy: guard labor in the US. The unemployment measure is the excess of observed unemployment over an estimate of unavoidable “frictional” unemployment. Source: Bowles and Jayadev, (2007). 4 The guard-labor burden across countries. Police and private security guards are not included due to lack of comparable data.

Expected returns depend on the speed of the machine and hence on the degree of risk; and there is a level of risk that maximizes expected returns. instead invested the $1 it cost at the risk-free interest rate ρ, he would have had 1 + ρ at the end of the period). The Robinson Crusoe case. ) A single owner of the (self-financed) project would vary f to maximize expected returns and thus would set dr/df = μ(1 − 2f) = 0, the solution to which is f = ½ . To be viable, the project must return at least 1 + ρ, and therefore the productivity of the project must be such that μ ≥ 4(1 + ρ).

If the possible outcomes included only points a through e, it would be a pure conflict game; if only f and one of c or d were possible, it would be a pure co-ordination game. 9 Conflict and co-ordination. be more important than struggling over which one to choose: Solving the co-ordination aspect of the problem may be more important than resolving the conflict aspect. Point f indicates what we have called a co-ordination failure: At least one point superior to f for both people is possible, but is not obtained due to the lack of co-ordinated action of the two.

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