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The 1 Compensating Variation: The Basics Two states of the world and . What is the compensation variation associated with the ) from to ?. It is the amount of money that must be subtracted from m in the new state to make one indifference between the original state and the new state with CV subtracted from m1; that is In terms of the indirect utility function . where u0 is maximum utility given p0 and m0. Note if you take and solve one for gets Y but where u1 is maximum utility given m1 and p1. The Compensating Variation: The Basics Edward R. Morey, Feb 20, 2002 2 So, " " # of $ you # of $ you need to need to achieve the max achieve the max utility in utility in the old the new state state If . If . If is WTP for new state. If is, in absolute terms, WTA the new state. The Compensating Variation: The Basics Edward R. Morey, Feb 20, 2002
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Colorado >> ECON >> 6808 (Spring, 2008)
Deriving the production function from the cost function March 20, 2001 The intent of these notes is to demonstrate that the production function can be derived from cost function. Let\'s start with a simple graphical example, where production is a func...
Colorado >> ECON >> 6808 (Spring, 2008)
1 The Envelope Theorem: Shephard\'s Lemma, Hotelling\'s Lemma, etc. Suppose where a is a parameter. Choose x to max the function. In general Therefore is the maximum value of Call this a value function . given a. . The profit function is an example...
Colorado >> ECON >> 6808 (Spring, 2008)
Game Theory January 28, 02 Readings The Lost Years of a Nobel laureate, NYT, Nov 13, 1994. Between Genius and Madness, Nyt, June 14, 1998. Review of A Beautiful Mind, NYT, June 11, 1998. Chapter 1 of A Beautiful Mind Varian, Hal R., Intermediate Mic...
Colorado >> ECON >> 6808 (Spring, 2008)
1 Hicksian Demand Functions, Expenditure Functions & Shephard\'s Lemma Consider a world with 2 goods (x and y), where Wilbur has well-defined preferences over bundles of those two goods, and those preferences can be represented by the utility functio...
Colorado >> ECON >> 6808 (Spring, 2008)
1 Introduction to integration with some simple economic examples - Lecture 1 Topics covered: derivatives & antiderivatives (integrals) the notation of integration indeterminacy of integration indefinite vs. definite integration some simple eco...
Colorado >> ECON >> 6808 (Spring, 2008)
7 Introduction to Integration with some simple economic examples - Lecture 2 Reviewing is called an indefinite integral. is called an indefinite integral, rather than a definite integral, because function rather than a specific (definite) number. N...
Colorado >> ECON >> 6808 (Spring, 2008)
17 Applications of Integration: Present Value of Streams of Benefits and Costs - Lecture 3 Consider b is called the base Now consider expodential functions that have the base e = 2.71828. that is, Magically and Now consider where Note that e rt d...
Colorado >> ECON >> 6808 (Spring, 2008)
23 Now let\'s briefly consider multiple integrals. For example, assume the function What is the form of ? (Note that ) That is, what is the form of the function One can think of multiple integrals as such that follows: f ( x, y)dydx = m( x, y)dx...
Colorado >> ECON >> 6808 (Spring, 2008)
Joint Density Functions, Marginal Density Functions,Conditional Density Functions, Expectations and Independence \\ Feb 10, 2002 Define the joint density Consider the joint density function fx, y where fx, y 0 x and y, x, y , and fx, ydxd...
Colorado >> ECON >> 6808 (Spring, 2008)
quiz4_long.nb 1 The University of Colorado at Boulder Deparment of Economics ECON 6808-1998 Y Quiz Four-September 29, 1998 SCENARIO: Wilbur maximizes the linear utility function u=s+b subject to a linear money constraint m=pss+pbb and a linear time...
Colorado >> ECON >> 6808 (Spring, 2008)
maxlikev.nb 1 This notebook plots the likelihood function, and finds the max lik estimate for the one observation Extreme value estimation problem in min % max . pdf h = Exp@2 b - 10D Exp@- Exp@2 b - 10DD E-10+2 b-E -10+2 b 0.35 0.3 Plot@h, 8b, 0...
Colorado >> ECON >> 6808 (Spring, 2008)
Edward R. Morey I. Minimization with constraints) 1. 2. 3. 4. Procedure for Maximizing (or Minimizing) a Function of One Variable Maximizing or Minimizing Functions of Two Variables Maximizing or Minimizing Functions of ...
Colorado >> ECON >> 6808 (Spring, 2008)
An Economic/Statistical Application of Integration: Probability Theory What is a random variable? x is a random variable if it has a known distribution. That is, x is a random variable if oe a and b one can determine the probability that . Note that ...
Colorado >> ECON >> 6808 (Spring, 2008)
1 From the production function to the cost function, including a proof of Shepard\'s Lemma March 10, 2002 Assume a production function x = f (k, l) which is increasing and quasiconcave in k and l 1.1 Derivation of the cost function and conditional...
Colorado >> ECON >> 6808 (Spring, 2008)
The profit function April 2, 2001 Consider a competitive firm with the production function y fk, l Assume proft () maximizing behavior. py wl rk where y fk, l, w is the price of labor, r is the price of captial, and p is the price of y. Substit...
Colorado >> ECON >> 6808 (Spring, 2008)
An Economic/Statistical Application of Integration: Probability Theory rvandprob.tex Feb 22, 2003 What is a random variable? x is a random variable if it has a known distribution. That is, x is a random variable if a and b one can determine the pro...
Colorado >> ECON >> 6808 (Spring, 2008)
Econ 6808 Introduction to Quantitative Analysis Quiz six- in class, groups of one This quiz is worth 20 points. III. Economic Curvature and VI. Economic Applications of Duality Theory 1. (10 points) Define an individual\' compensating variation for ...
Colorado >> ECON >> 6808 (Spring, 2008)
Econ 6808 Introduction to Quantitative Analysis Quiz one I. Constrained Max and Min 1. Assume that the Snerd Corporation produces product X using L and K where X = f(K,L) = L.5K.5 Further assume that the firm buys labor and capital at the parametric ...
Colorado >> ECON >> 6808 (Spring, 2008)
Econ 6808 Introduction to Quantitative Analysis Assignment 1: paper/project report - due Nov 16 This project is worth 10 points. Quoting from the syllabus The Paper: The purpose of the paper will be to show how the mathematical techniques and theor...
Colorado >> ECON >> 6808 (Spring, 2008)
1 Econ 6806, Final, December 17, 1996 Answer the questions to the best of your ability in the allotted time. Make sure you have all nine questions The exam consists of three pages and question two has five parts. You can choose 20 points worth of que...
Colorado >> ECON >> 6808 (Spring, 2008)
1 Econ 6806, Final, December 10, 1999 Answer the questions to the best of your ability in the allotted time. Make sure you have all ten questions The exam consists of two pages. You can choose 20 points worth of questions for which you will be given ...
Colorado >> ECON >> 6808 (Spring, 2008)
6808qz2.nb 1 The University of Colorado at Boulder Department of Economics ECON 6808-1998 Y Quiz Two - September 8, 1998 This defines Wilbur\'s utility function. It is a function of two variables. WilbursUtility@x_, y_D := x.8 y.3 1. This creates ...
Colorado >> ECON >> 6808 (Spring, 2008)
1 Econ 6808 Introduction to Quantitative Analysis Quiz five - Answers This quiz is worth 20 points. III. Economic Curvature and VI. Economic Applications of Duality Theory 1. (5 points) Convince me that the cost function, c = c(y, w) where w = [w1, ...
UCSD >> MATH >> 240 (Spring, 2008)
Exercise L.4. Let g e Cf (lR) and / r lR -\' IR.be an absolutelycontinuousfunction with compact support and p x / be the convoiutionof p axd f ; v * f @ ) , :I p @ - d f ( u ) d y . Jn (a) Show tv * f) (r) : (p\' * f) (r) for all .c IR. # (p\'* f) (\"...
UCSD >> MATH >> 240 (Spring, 2008)
3 (U) (tSp) Showthat the operator is bounded L\'(O,oo),rn)and ll?/ll2 < ? on Crllf llz, whereCz is the constantin (a) with p : 2. ...
UCSD >> MATH >> 240 (Spring, 2008)
2 (u) (t0p) Suppose -> f in Lo (X , p). Show that fn * f in measure. /, (b) (z0p) Suppose -> f in measureand lf\"l < g a.e.with g Lo(X, p). Show fn that f L, (X, p) and f n -> f i n L P ( X , F ) . \'ll 3. Let be a Hilbert space,T:\'11 - ?l a bounded...
UCSD >> MATH >> 240 (Spring, 2008)
2 (u) Show that, for 0 S r S 1, fI k:m axrk j:m (b) Show that \"1111Ianrk:ioo. lc=0 /c:0 Hint: Estimate the left hand side of the formula in (b). 4. (30p) Let {fi} b e a sequence real-valuedfunctionsin L\'(X , p) such that of -) f a.e. with f L\'(...
Colorado >> ECON >> 4545 (Spring, 2008)
Why should there be a special course in environmental economics? whyacourse.pdf September 4, 2007 Environmental and natural resource are first and foremost resources and should be allocated in the same way we want to allocate all resources. That is, ...
Colorado >> ECON >> 4545 (Spring, 2008)
1 How can consumer\' surplus measures be used s to evaluate policies? use-cs.tex October 9, 2007 Assume a state of the world s from the perspective of individual i can be s 0 described by the vector Ss (yi ; Ps ; Cs ) where yi is individual i\' incom...
Colorado >> ECON >> 4545 (Spring, 2008)
1 An Introduction to the travel-cost method for estimating use damages: mining injuries in the Coeur d\'Alene Basin Tc-intro-coeurdalene.doc revised April 1, 2008 Objective: Estimate Damages from Injuries Damage: Willingness to Pay (WTP) for Unin...
Colorado >> ECON >> 4545 (Spring, 2008)
1 Parks and TV: one congestible, one not Edward Morey, April 24, 2008 Our national parks, local parks (e.g. Boulder Mt. Park, Central Park in NYC) and everything in between are often congested. Is the amount of that congestion e cient, and, if not,...
Colorado >> ECON >> 4545 (Spring, 2008)
Ryan Duncan December 16, 2003 Reintroduction Of Wolves: Market Failed or Market Failure? I was recently asked to conduct some research on the reintroduction of wolves into the Colorado area. Wolves used to be a normal part of the Colorado landscape...
Colorado >> ECON >> 4545 (Spring, 2008)
Should I-70 west of Denver be a toll road? Edward Morey, Dec 11, 2007 Kirk Johnson had an article, In Colorado, Traffic on the Interstate is at a Peak, in the New York Times (Sept 19, 2004), The article is about congestion on I-70 west of Denver; as...
Colorado >> ECON >> 4545 (Spring, 2008)
Blake N Melton Professor Morey Environmental Economics 1 April 1999 The Rail Line Quarry Proposal: A Failure to Utilize Available Methods The decision of whether or not to build the proposed Rail Line Quarry in the South Draw tributary to Eldorado is...
UCSD >> MATH >> 240 (Spring, 2008)
Qualifying Exam in Real Analysis, September 7, 2OA5 Instructions: Answer all six problems. No books or notesmay be used in this exam. You rnay cite without proof any result in the text by Folland, in any problem. 1. (45 pts.) Provethe following. Each...
UCSD >> MATH >> 240 (Spring, 2008)
1. Ane,r,vsrs Quar,myrNc Extu, Spnruc 2004 Instructions: Clearly explain and ju^stify your en.qwers. You may cite theoremsfrom tortbools or that were provedin classas long as they are not what the problerr ocplicitly asls you to prove. You may also u...
UCSD >> MATH >> 240 (Spring, 2008)
functionson [0,1J.Suppose that (3) Let AC([0,1]) denotethe absolutely continuous by f c C([0,1],R) is defined rl \'/ f : {f e AC(\';0,11) lf\'(r)l\'d, < 1 andl/(0)lS U. p(f , g) = max{l/(t) - s(t)l : t e [0,1J]. Show F is a precompactsubsetof C([0,1]) ...
UCSD >> MATH >> 240 (Spring, 2008)
2 4. Suppose T^ : X -> Y for n N is a sequence bor:ndedlinear operators between of two Banach spaces,X and Y. Ftrrther assume that lim,-*Trn exists for all r X. Show Tt : limr,*oo 4rr definesa bounded iinear operator from X to Y. 5. Srppose that {...
UCSD >> MATH >> 202 (Spring, 2008)
A P P L IED ALGEBRA QUALIPIER S 2OOO LAB PART Page2 ofSpages lvlay 29, 2OO2 PARTII SYMMETRIC FUNCTIONMETHODS s - l L e t p l - g , 1* r z * r s , pz-r!+x7+13, p s : s i + J \' t r + r a n d P6 :0i f + r! + r$. constmct thepolynomial which...
UCSD >> MATH >> 240 (Spring, 2008)
Qualifying Exam in Real Analysis, June L, 2OO3 No books or notes may be used in this exam. Do Problem 1 Instructions: remaining four problems, 2 through 5. fndicate clearly which any three of the problems you want graded. You may cite without proo...
UCSD >> MATH >> 240 (Spring, 2008)
1. Aw,q.r,ysrs Quer.rryrnc Exeu, Ferr, 2004 Instructions: Clearly explainandjustify your snswers. You may cite theorerns from the text, notes, or class as long as they are not what the probiemoiplicitly asks you to prove. You may also use the results...
UCSD >> MATH >> 202 (Spring, 2008)
APPLIED ALGEBRA QUALIFIER S 2OOO LAB PAR]T Pagel of5pages Llay 29, 2002 APPLIED ALGEBRA QUATIFIER May 29 2002 PART T REPRESENTANON THEORY R.ll-et Gbe a finite group and let {/^}r.rr be a completesetof irreducible unitary representations of...
UCSD >> MATH >> 240 (Spring, 2008)
Qualifying Exam in Real Analysis, September L2, 2000 Instructions: No booksor notesmay be used in this exam. Do ail sevenproblems,including number 1. You may cite without proof any theorem proved in the text by Folland (Chapters1-6 only), but you mus...
UCSD >> MATH >> 240 (Spring, 2008)
Qualifying Exam in Real Analysis, September g, 2003 Instructions: No books or notes may be used in this exam. Do any four of the following five problems, including number 1. You may cite without proof any result in the text by Folland. Please indicat...
Colorado >> ECON >> 4545 (Spring, 2008)
PRODUCT SERVICE SYSTEMS: EXPLORING THE POTENTIAL FOR ECONOMIC AND ENVIRONMENTAL EFFICIENCY ECON 4545 Prof. Edward Morey Desire Pacheco December 17, 2003 Abstract Product Service Systems (PSS) is a business model whereby companies sell the services ...
Colorado >> ECON >> 4545 (Spring, 2008)
Two reasons for increasing the Federal tax on oil: internalizing a negative externality (Pigou\' s reason) and shifting rents from OPEC to us Edward Morey, rough draft March 19, 2008 Part 1: shifting rents There are two reasons why one might want to ...
Colorado >> ECON >> 4545 (Spring, 2008)
Economic Efficiency and Non-Market Failure: An analysis of the Renewable Portfolio Standard for Colorado\'s Energy Market Ric O\'Connell University of Colorado, Boulder A paper for Economics 4545 Professor Edward Morey December 16, 2003 Abstract Thi...
Colorado >> ECON >> 4545 (Spring, 2008)
1 +Happy (Hypothetical) Trails to You: The Impact of Trail Characteristics and Access Fees on a Mountain Biker\'s Trail Selection and Consumer\'s Surplus Terry Buchanan, Edward Morey and Donald Waldman March 17, 1998 2 Thirty million North America...
Colorado >> ECON >> 4545 (Spring, 2008)
A Start on nonmarket valuation: Nonmarket-introduction.doc Nov 2, 2007 Valuation and Consumer\'s Surplus Economists typically value things in money. Could choose some other unit of value Important thing is to value everything in the same units The...
Colorado >> ECON >> 4545 (Spring, 2008)
1 Cars, Minivans, SUVs, Light Trucks, Snowmobiles, ATV, etc. mobilesourcepollution.tex Feb 16, 2008. We have the basic theory in place for evaluating mobile-source pollution from an e ciency, equity and policy perspectives. All we need to do is plu...
Colorado >> ECON >> 4545 (Spring, 2008)
1 What comes out must come go back in: materials balance and the environment Feb. 6, 2008 Lecture on Materials Balance -E.R.Morey -.wav file Analysis of Environmental Pollution, Alan Kneese, Swedish Journal of Economics, 1971 - this article is a cl...
Colorado >> ECON >> 4545 (Spring, 2008)
1 An Introduction to market failures Marketfailures.doc Feb14, 2008 A market failure is something that is inherent to the market that causes the market equilibrium allocation to be inefficient. There is a famous theorem in welfare economics that ...
Colorado >> ECON >> 4545 (Spring, 2008)
1 Using wages and property values to value environmental amenities April 3, 2008 This method of valuation is driven by the basic insight that the use values associated with site-specific environmental amenities get capitalized into wage rates, land...
Colorado >> ECON >> 4545 (Spring, 2008)
Scott Crabtree Amelie Benear Econ.4535 Prof.Morey 11/30/99 The Boulder Fly Fisherman\'s Dilemma Living in Boulder, anglers have a lot of access to good fly fishing rivers. Some of these rivers offer better fishing conditions than others, which can be...
Colorado >> ECON >> 4545 (Spring, 2008)
Grant Grigorian 12/17/2003 Willingness to Grieve The loss of an animal companion, whether due to death, being lost or stolen, or placement in a new home, may be one of the most devastating and painful experiences we ever face. For many, such a loss i...
Colorado >> ECON >> 4545 (Spring, 2008)
1 Economic Impacts of Polluting Lake Michigan Since Industry has existed in Chicago and the cities surrounding Lake Michigan pollutants have been carelessly spilled and in turn contaminated most of the lake. This particular lake has an ecosystem th...
Colorado >> ECON >> 4545 (Spring, 2008)
Florian Ade University of Colorado at Boulder Term paper Econ 4545, Fall 2003 Mandatory deposits for non refillable beverage containers: Are they fixing the externalities? The German case. The bottle bill began as an antilitter measure but became a ...
Colorado >> ECON >> 4545 (Spring, 2008)
Some brief thoughts on extinction extinction.pdf September 4, 2007 Can you imagine a set of circumstances under which it would be optimal for society to have a species become extinct? That is, what should society\'s \"rule\" be for purposefully driving ...
Colorado >> ECON >> 4545 (Spring, 2008)
Equity and efficiency defined and considered Efficiencyequity.pdf September 4, 2007 People are concerned about natural and environmental resources because they feel these resources are not being correctly allocated. That is, they think that the natu...
Colorado >> ECON >> 4545 (Spring, 2008)
EfficiencyandBC.doc Feb 16, 2008 A student asked me how efficiency relates to benefit-cost comparisons Specifically, does undertaking a project increase social welfare if the benefits of the project are greater than its costs. Assume one has correct...
Colorado >> ECON >> 4545 (Spring, 2008)
1 What is the contingent valuation method, CVM? Cvmbasic.doc April 24, 2008 and cvmbasic.pdf CVM is a nonmarket valuation method that is used to value specific changes from the status quo. CVM estimates total value (use and nonuse) Environmental eco...
Colorado >> ECON >> 4545 (Spring, 2008)
Defining the compensating variation, cv, and the equivalent variation, ev. More complicated stuff, but important stuff for you to understand The area under the inverse demand function (marginal willingness-to-pay function) approximates what we would...
Colorado >> ECON >> 4545 (Spring, 2008)
1 Notes on congestion and road tolls Edward Morey May 1, 2008 Something to think about to get us started. Tolls should ideally vary by time of day and day of the week. If tolls vary by time of day and day of week, they could actually increase the ...
Colorado >> ECON >> 4545 (Spring, 2008)
1 The Difference between the CV & the EV Let C denote the vector of nonmarket commodities (levels of public goods, health, weather, environment quality, etc. Consider a deterioration C 1 to C 0 . That is . Assume is really BAD. In this case Define ...
Colorado >> ECON >> 4545 (Spring, 2008)
Four Tribes Four Dams Chris Ahlstrand, Econ 4535, December 1999 The sacred salmon runs are in decline. It is the moral duty, therefore, of the Indian people of the Columbia to see them restored. We have to take care of them so that they can take car...
Colorado >> ECON >> 4545 (Spring, 2008)
Environmental Economics 4545 First Assignment - Spring 2002 This assignment is due January 22nd Please email your assignment to Jennifer Thacher as an \"attachment\" to jennifer.thacher@colorado.edu The name of the two files you send will be named xxxa...
Colorado >> ECON >> 4545 (Spring, 2008)
Environmental Economics 4535 and 4545 First assignment wrt your paper topic It is time to start thinking about a topic for your paper, what you might want to read in preparation, and an outline. This is the first a number of assignments leading up to...
Colorado >> ECON >> 4545 (Spring, 2008)
Environmental Economics 4545: second paper assignment If you are going to get serious about a paper, now is the time. For those of you hoping to complete a paper for this course, I need the following emailed to me as an attachment on or before Sunday...
Colorado >> ECON >> 4545 (Spring, 2008)
Econ 4545 Environmental Economics Review Questions Feb 6, 2008 I. What is Economics, and what does it have to do with the environment? 1. What does it mean to say that resources are scarce, and what does that scarcity have to do with the environmen...
Colorado >> ECON >> 4545 (Spring, 2008)
Econ 4545 Environmental Economics Review Questions- Set 2 Feb 1, 2008 Markets, Market Failure, Efficiency, Inefficiency, Corrections, Equity, etc. 1) Assume one has a purely competitive society except for one monopolistic industry which is a heavy p...
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