Book•
Intermediate microeconomics : A modern approach
01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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Posted Content•
01 Sep 2010
TL;DR: In this article, the necessary conditions required to exploit the substitution effect were discussed and a trade policy decision rule for net welfare gain was obtained for import quotas under imperfect competition conditions was obtained.
Abstract: This paper focuses on the necessary conditions required
in order to exploit the substitution effect which arises
when there is a shift in demand induced by import quotas
under imperfect competition. The protective policy
succeeds if the substitution effect shifts in favor of
goods produced by the domestic industry and this shift
offsets foreign firms quota rents and the decrease in
consumer welfare. While extant literature tends to focus
on welfare loss associated with import quotas, in this
paper social welfare analytics are produced and a trade
policy decision rule for net welfare gain is obtained.
03 Jul 2021
TL;DR: In this article, the authors investigate to what extent economics students can make a connection between the mathematical concept of the derivative and this common economic interpretation of the derivatives, even though it was covered in their calculus course.
Abstract: Many disciplines make use of mathematical concepts. However, there are often discrepancies between the way mathematical concepts are understood and taught in mathematics and the way they are used in other disciplines. The literature suggests that such discrepancies might make it hard for students in mathematics service courses to make a connection between the mathematical concepts taught and the way they are used in the students’ major disciplines. We investigated this hypothesis for one specific example in mathematics for economics students – the derivative and its interpretation commonly used in economics as the amount of change when increasing the production by one unit. We conducted an interview study investigating to what extent economics students can make a connection between the mathematical concept of the derivative and this common economic interpretation of the derivative. This study provides empirical evidence that it is actually difficult for economics students to make this connection, even though it was covered in their calculus course. In particular, the study reveals difficulties students have when trying to make this connection, which could be addressed in teaching.
TL;DR: In this paper, the odd ratio of selecting clean versus unclean source of energy as the main household fuel choice in urban areas using logistic functions through modelling of a binary dependent variable was investigated.
Abstract: This paper investigates the odd ratio of selecting clean verses unclean source of energy as the main household fuel choice in urban areas using logistic functions through modelling of a binary dependent variable. Also, the research examines the important determinants of household fuel choice in urban Kenya. The data was obtained from KIPPRA’s data set on patterns of fuel use in Kenya. The study analysis was informed by energy ladder hypothesis and consumer behavior theory as the theoretical framework. Multinomial logistic estimation model was used to investigate the choices households make and patterns of cooking fuels in urban areas. From regression results income of household, cost of fuel and socio-economic factors were identified as the main factors explaining house fuel choice decisions. To accelerate use of clean residential fuel, the policymakers and government must carry out public education campaign, and ensure the accessibility and affordability of these fuels in urban areas to avoid harmful effects such as pollution and health problems fuelled by kerosene and biomass.
02 Dec 2009
TL;DR: A new multi-step lecture allocation method based on students’ preferences and university intentions that realizes the high performance of allocation compared with brute force algorithm and reducing computational costs compared with optimizations is proposed.
Abstract: This paper describes the lecture allocation method and its support system for elective subjects. Students take a lecture for their career, for academical interest, and for assimilation of knowledge in a university. However, some students might take the lecture following the crowd and take the lecture as Mickey Mouse. To solve the problem, we propose a new multi-step lecture allocation method based on students’ preferences and university intentions. Our protocol consists of the three steps of negotiations and three types of allocations. (1) The university warns the students who have never take a certain compulsory subject yet. If the students answer they attend the lecture, the students are allocated to the lecture by priority. (2) The students inform the university of their reasons to take the lecture. The university allocates the lectures to the students based on their reasons. (3) They negotiate about the exchange of lectures to increase students’ utilities with each student. Our protocol realizes the high performance of allocation compared with brute force algorithm and reducing computational costs compared with optimizations.
Posted Content•
TL;DR: In this paper, the authors show how individuals behave when faced with the task of piloting an UAV under risk and uncertainty, paralleling a real-world decision-making scenario.
Abstract: Successful design of human-in-the-loop control systems requires appropriate models for human decision makers. Whilst most paradigms adopted in the control systems literature hide the (limited) decision capability of humans, in behavioral economics individual decision making and optimization processes are well-known to be affected by perceptual and behavioral biases. Our goal is to enrich control engineering with some insights from behavioral economics research through exposing such biases in control-relevant settings. This paper addresses the following two key questions: 1) How do behavioral biases affect decision making? 2) What is the role played by feedback in human-in-the-loop control systems? Our experimental framework shows how individuals behave when faced with the task of piloting an UAV under risk and uncertainty, paralleling a real-world decision-making scenario. Our findings support the notion of humans in Cyberphysical Systems underlying behavioral biases regardless of -- or even because of -- receiving immediate outcome feedback. We observe substantial shares of drone controllers to act inefficiently through either flying excessively (overconfident) or overly conservatively (underconfident). Furthermore, we observe human-controllers to self-servingly misinterpret random sequences through being subject to a "hot hand fallacy". We advise control engineers to mind the human component in order not to compromise technological accomplishments through human issues.