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### practice-midterm

Course: ECON 120B econ 120 B, Spring 2012
School: UCSD
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Word Count: 580

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Theconditionaldistributionof SampleMidterm Name___________________________________ MULTIPLECHOICE.Choosetheonealternativethatbestcompletesthestatementoranswersthequestion. 1) YgivenX = x ,Pr(Y = y X=x ),is l Pr(Y = y ) A) Pr(X=x i, Y=y ). B) . Pr(X=x ) i =1 C) Pr(X=x , Y=y ) . Pr(X=x ) D) 1) Pr(X = x , Y = y ) Pr(Y=y ) ^ 2) AnestimatorYofthepopulationvalueYisconsistentif A) Y p 2) 0. ^ B) Y p . Y C)...

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Theconditionaldistributionof SampleMidterm Name___________________________________ MULTIPLECHOICE.Choosetheonealternativethatbestcompletesthestatementoranswersthequestion. 1) YgivenX = x ,Pr(Y = y X=x ),is l Pr(Y = y ) A) Pr(X=x i, Y=y ). B) . Pr(X=x ) i =1 C) Pr(X=x , Y=y ) . Pr(X=x ) D) 1) Pr(X = x , Y = y ) Pr(Y=y ) ^ 2) AnestimatorYofthepopulationvalueYisconsistentif A) Y p 2) 0. ^ B) Y p . Y C) Yisnormallydistributed. D) itsmeansquareerroristhesmallestpossible. ^ 3) Whentheestimatedslopecoefficientinthesimpleregressionmodel, 1 ,iszero,then A) R2 =0. B) R2 >( SSR/TSS ). C) R2 =Y. 3) D) 0<R2 <1. 4) Toobtaintheslopeestimatorusingtheleastsquaresprinciple,youdividethe 4) A) samplecovarianceof Xand YbythesamplevarianceofY. B) samplevarianceof XbythesamplecovarianceofX and Y. C) samplecovarianceof Xand Ybythesamplevarianceof X. D) samplevarianceof Xbythesamplevarianceof Y. 5) 5) Theerrortermishomoskedasticif A) var(ui Xi=x ) isconstantfori=1,, n. B) therearenooutliers. C) Xiisnormallydistributed. D) var(ui Xi = x ) dependson x. 1 SHORTANSWER.Writeyouranswerinthespaceprovidedoronaseparatesheetofpaper.Ifyouaddanothersheetof paper,itmustbestapledtotheexamtoreceivecredit. 6) Adultmalesaretaller,onaverage,thanadultfemales.Yousuggesttoyourlittlesisterthatshecollectdataon heightandgenderofchildrenin4 thto6thgradeaspartofherscienceproject.Theaccompanyingtableshows herfindings. HeightofYoungBoysandGirls,Grades4 -6,ininches YBoys Boys SBoys nBoys 57.8 3.9 YGirls 55 Girls SGirls nGirls 58.4 4.2 57 (a)Letyournullhypothesisbethatthereisnodifferenceintheheightoffemalesandmalesatthisagelevel. Specifythealternativehypothesis. (b)Findthedifferenceinheightandthestandarderrorofthedifference. (c)Generatea95%confidenceintervalforthedifferenceinheight. (d)Calculatethe t- statisticforcomparingthetwomeans.Isthedifferencestatisticallysignificantatthe1% level?Whichcriticalvaluedidyouuse?Whywouldthisnumberbesmallerifyouhadassumedaone - sided alternativehypothesis? 7) Yourtextbookdefinedthecovariancebetween X and Y asfollows: n 1 (X X)(YiY) n1 i i =1 Provethatthisisidenticaltothefollowingalternativespecification: n n 1 XiYi- n-1 XY n- 1 i =1 8) Youhaveobtainedasub- sampleof1744individualsfromtheCurrentPopulationSurvey(CPS)andare interestedintherelationshipbetweenweeklyearningsandage.Theregression,using heteroskedasticity - robuststandarderrors,yieldedthefollowingresult: Earn=239.16 + 5.20 Age, R2 =0.05, SER=287.21 (12.3)(3.2) whereEarnand Agearemeasuredindollarsandyearsrespectively. (a)Interprettheinterceptandslopecoefficients. (b)Istheeffectofageonearningsstatisticallysignificantatthe5%level? (c)Provideaneconomicrationaleforwhyageshouldmatterinthedeterminationofearnings.Doyouthink thattherelationshipbetweenageandearningsislinear?Explain. (d)Theaverageageinthissampleis37.5years.Whatisaverageannualincomeinthesample? (e)Interpretthemeasuresoffit. 9) Considerthefollowingmodel: Yi=1 Xi+ ui. DerivetheOLSestimatorfor1 .(Note:youwillneedtousecalculus) 2
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UCSD - ECON 120C - ECON 120C
Another Look at the OLS EstimatorProf. Yixiao SunAugust 2, 2011By denition^O LS= arg min fN ( ) ; where fN ( ) =N1X(YiNXi )2 :i=1According to the LLN,fN ( ) ! f ( ) = E (YX )2 :That is, fN ( ) as a function becomes closer and closer to f (
UCSD - ECON 120C - ECON 120C
Econ 120CSamplingEcon 120CReview: Sampling Distribution,Central Limit Theorem,Asymptotic Distributions of OLS EstimatorsA sampleSampling is the process of taking a smaller group ofsubjects from a larger population.Econ 120C Yixiao SunSampling.
UCSD - ECON 120C - ECON 120C
Econ120CEcon120CEcon120CCorrelation and CausalityMotivation1Why do we care about beta ?Econ120CConsider the modely = x*beta + uIn the last two lectures, we show that the OLSestimator of beta enjoys some nice properties:consistency and asymptot
UCSD - ECON 120C - ECON 120C
RandomizationEcon 120CConsider y = 0 + 1x + ,Earnings = 0 + 1 * (military service) +However, most applied research in economics usesobservational data instead of experiment data. So x isnot randomly assigned.yxDuring the Vietnam War, the draft lo
UC Irvine - ECON 134A - 62360
CHAPTER 2FINANCIAL STATEMENTS, TAXES ANDCASH FLOWAnswers to Concepts Review and Critical Thinking Questions1.Liquidity measures how quickly and easily an asset can be converted to cash without significant lossin value. Its desirable for firms to hav
UC Irvine - ECON 134A - 62360
CHAPTER 7INTEREST RATES AND BONDVALUATIONAnswers to Concepts Review and Critical Thinking Questions1.No. As interest rates fluctuate, the value of a Treasury security will fluctuate. Long-term Treasurysecurities have substantial interest rate risk.
UC Irvine - ECON 134A - 62360
CHAPTER 9NET PRESENT VALUE AND OTHERINVESTMENT CRITERIAAnswers to Concepts Review and Critical Thinking Questions1.A payback period less than the projects life means that the NPV is positive for a zero discount rate,but nothing more definitive can b
UC Irvine - ECON 134A - 62360
CHAPTER 13RISK, RETURN, AND THE SECURITYMARKET LINEAnswers to Concepts Review and Critical Thinking Questions1.Some of the risk in holding any asset is unique to the asset in question. By investing in a variety ofassets, this unique portion of the t
UC Irvine - ECON 134A - 62360
CHAPTER 15COST OF CAPITALAnswers to Concepts Review and Critical Thinking Questions1.It is the minimum rate of return the firm must earn overall on its existing assets. If it earns more thanthis, value is created.2.Book values for debt are likely t
UC Irvine - ECON 134A - 62360
Chapter SevenThe CAPMMGMT 109Managerial FinanceProfessor Lu ZhengReviewTotal risk = Systematic risk + Idiosyncratic riskInvestors are risk-averse: the higher the risk of the asset,the greater the return they requireA well-diversified portfolio is
UC Irvine - ECON 134A - 62360
Chapter NineCost of CapitalMGMT 109Managerial FinanceProfessor Lu ZhengChapter Organization1. The Cost of Capital: Some Preliminaries2. The Cost of Equity3. The Costs of Debt and Preferred Stock4. The Weighted Average Cost of Capital5. Divisiona
UC Irvine - ECON 134A - 62360
Final ReviewChapter 5 Project Cash FlowUsing NPV to make investment decisionscash flowestimationa. Calculating cash flows of a projectb. Incremental cash flows (base case versusalternative, sunk cost, side effects, opportunitycost)c. How to handle
UC Irvine - ECON 134A - 62360
Market EfficiencyMGMT 109Managerial FinanceProfessor Lu ZhengEfficient Market Prices react very fast to new information. Competition in the financial markets assures thatprices reflect all relevant information.Reaction of Stock Price to New Inform
UC Irvine - ECON 134A - 62360
MTMG 109MidtermMain Topics Covered1. Introductiona. What is financeb. What is corporate financec. The advantages and disadvantages of acorporationd. The goal of financial managemente. Agency costsf. Financial Markets2. Time Value of Moneya. Fu
UC Irvine - ECON 134A - 62360
Practice Questions for MGMT 109 Final.These are practice questions. Don't take any focus or lack thereof as an indication of the material covered in the final.1. You purchase a machine for \$20,000, depreciated straight-line to a book value of 5,000 over
UC Irvine - ECON 134A - 62360
CHAPTER 6DISCOUNTED CASH FLOW VALUATIONAnswers to Concepts Review and Critical Thinking Questions1.The four pieces are the present value (PV), the periodic cash flow (C), the discount rate (r), and thenumber of payments, or the life of the annuity, t
UC Irvine - ECON 134A - 62360
MGMT 109 Managerial FinanceStatistical concepts for portfolio theoryProfessor M. P. NarayananProfessor Lu ZhengObjectiveThis handout explains and summarizes some of the fundamental statistical conceptsrequired to understand portfolio theory.Statist
UC Irvine - ECON 134A - 62360
[.o+,r ltffftJ 3lA(*,&quot;;.\0 hLe\-ct&quot;\ c^&quot;. ct,cr,Io(r-.- /Dr a,r 1,U ; 2'x l et =Cr-'cfw_acfw_e&quot;\*\$dlrrc,)Pd',*cfw__deJcfw_C.,_=l0 + \$F lo +-\$#1 rs/o + BSro +FfrloBtq +\$ie,Fzo'(b)5ffilo + Fcfw_ 1J7*-ot0?lDc&quot;Y*^* b&quot;ltr*fik
UC Irvine - ECON 134A - 62360
\$&amp;rt;dl'&quot;l\z-!u1 tcci^c?y-s&quot;e9+k/ [rrtr;q)c sl sl Ji )l.r-lT*7ryittIFt.re:,i C,g\ &amp;,'\ (r't\It)q\'tt) cfw_&quot;'u'-f)\&quot;jt. z rt*jfr&quot;hcfw_L j,F* ,'ll,tulu1 ,* &gt;rrf &quot;l; ';- ' *'*t ,*,-*- T : i [,^,-*tcfw_&quot;9 ,L t&gt;cfw_Lil ]Le\A.f ^\$30*L
UC Irvine - ECON 134A - 62360
T-.w^ tlCflu.: LJ[eC&quot;*^&quot;t'i-*&quot;'1.u3utDL/ffw/&amp;ve^,At&quot;t|wt*VtnI(LuL,* y 6.*,l+\$'-cfw_^ tFq hcfw_gph(Acli\xrrt,t^dgc)Can-)#&quot; V41 lVv&lt;*!L&quot;,p^tl u-A^lA (c,-o 0r+Co :cfw_'ncfw_.c,Iq ; C, 3 lo^Ct-r&quot;u,k-\ s ((&quot;\'uo ,r/uJtr
UC Irvine - ECON 134A - 62360
Frr(onr,r4lcfw_1wO6v'nryV, S,ta.,\l3,&quot;rx,r,lrr.l &amp;pR?r&quot;)Q t +1&quot; ^\(f*\, &quot;\'&quot;JA' t i'!n[rs^s;&lt;L.-rI\$&quot;L&quot;tfot;pse-s,'^7- W +wl&quot;uaa ,cfw_un,eS^4,#xA o&quot;Atk\l ,Agcl'A'r4*&quot;-(*^k3\$,^&quot;. 4o*,',^,[.lllrl.&quot;f\,h^(tlU.tx,I(:6&quot;sihvf&quot;s.&quot;
UC Irvine - ECON 134A - 62360
Final ExamYou have two hours to answer 50 questions. Good luck!1. Decision utility is(A) cardinal;(B) the standard concept of utility used in economics;(C) measured precisely by neuroeconomics;(D) none of the above.Answer: B2. Ann prefers a gamble
UC Irvine - ECON 134A - 62360
Homework 11. Show that the satiscing procedure described in class is equivalent to maximizing some utility function.2. Recall the xed-share budget rule where the share t of the budget B is spenton good 1, and the remaining share 1 t is spend on good 2.
UC Irvine - ECON 134A - 62360
Homework 21. Give an example of a heuristic rule (a rule of thumb) that can lead to intransitivechoices.2. Consider a person who has discounted utilityU (c0 , c1 , c2 ) = u(c0 ) + u(c1 ) + 2 u(c2 ).Suppose that he is indierent between the two proles
UC Irvine - ECON 134A - 62360
Homework 31. Bob has a quasi-hyperbolic discounted utilityU (c0 , c1 , c2 ) = u(c0 ) + u(c1 ) + 2 u(c2 ).Let u(c) = c.(a) Suppose that Bob is indierent between the three prolesc0 = c1 = c2 = 10c0 = 10, c1 = 9, c2 = 11c0 = 20, c1 = c2 = 0.Find and
UC Irvine - ECON 134A - 62360
Homework 41. Let x1 and x2 be the payos of agents 1 and 2 respectively. Suppose that agent1 has utility x2 + (1 )x1 if x1 x2U1 (x1 , x2 ) = x2 + (1 )x1 if x1 &lt; x2 .(a) Suppose that &lt; &lt; 0. Interpret the utility function of agent 1.(b) Suppose that =
UC Irvine - ECON 134A - 62360
Homework 51. Calculate the expected utility of a person who has wealth W = \$10000, faces apotential loss of C = \$5000 with probability and has a utility index u(x) overmoney:(i) = 0.01 and u(x) = x2 ;1(ii) = 0.01 and u(x) = x if x 5000 and u(x) = 2
UC Irvine - ECON 134A - 62360
Requirements1. Main Textbook (bookstore): Wilkinson, An Introductionto Behavioral Economics,2. Supplementary Reading (more advanced):Camerer, Behavioral Game Theory,Camerer, Lowenstein, Rabin, Advances in BehavioralEconomics,Kahneman and Tversky, C
UC Irvine - ECON 134A - 62360
Add/Drop CardsI cannot add people to a full class.That is a department policy.Keep trying to register electronically.No drop after two weeks.Standard vs Behavioral EconomicModels (SEM vs BEM)SEM describes how agents should behave.Behavioral Econom
UC Irvine - ECON 134A - 62360
Midterm ExamsFirst Midterm: October 26Second Midterm: November 16Each weighs 30%Multiple Choice Only (30-40 questions)First homework will be assigned today.Most general SEM: Utility MaximizationPeople make choices that maximize their utility.Utili
UC Irvine - ECON 134A - 62360
Homework and DiscussionsDiscussions start next week.You can attend any discussion, or more than one if youlike. (I ll post the entire schedule).Some questions (especially cases) do not have clear cutanswers.Therefore, you should attempt to augment T
UC Irvine - ECON 134A - 62360
Examples of DUMc0 = c1 = c2 = 10 = 0.5U(c0, c1, c2) = 10 + 0.5 * 10 + 0.5*0.5* 10 = 17.5c0 = 10 c1 = 0 c2 = 34U(c0, c1, c2) = 10 + 0.5 * 0 + 0.5*0.5* 34 = 18.25The second stream is preferred to first even though it leads to a rollercoaster in consu
UC Irvine - ECON 134A - 62360
Three Layers of Economic Models1. The top layer Standard Economic Models (utilitymaximization, DUM). These models are tractable inapplications and allow easy computations.2. The bottom layer data. Laboratory and naturalexperiments.3. The medium laye
UC Irvine - ECON 134A - 62360
BEM: Hyperbolic DiscountingThis model has the formU(c0, c1, ct) = t = 0, 1, t D(t) u(ct)where D(t) is called the discount function.D(t+1)/D(t) describes discounting between periods t+1and t.In the DUM, D(t) = t and D(t+1)/D(t) = = 1/(1+)Hyperbolic
UC Irvine - ECON 134A - 62360
Standard Economic Models utility maximization delayed payoffs are discounted in a time-consistentfashion (DUM) utility depends only on the personal consumptionStigler 81: when self-interest and ethical values with wideverbal allegiance are in confli
UC Irvine - ECON 134A - 62360
Fairness and Social PreferencesWhat do people care about? others welfare (charitable giving) fairness and inequality (pricing, entitlements, referencetransactions, games) intentions social and religious normsFairness and Inequality in ExperimentsD
UC Irvine - ECON 134A - 62360
Question 1People will prefer to commit if their future choices are time-inconsistent they are aware of thatTherefore Hyperbolic (or quasi-hyperbolic) discountingmodel with sophistication can explain commitments, butDUM or Hyperbolic DUM with naivete
UC Irvine - ECON 134A - 62360
Midterm Exam multiple choice (35-40) questions, 50 minutes bring your own scantron F-288-PAR-L one page of handwritten notes, two sides, not largerthan the usual letter-size printer paper no cooperation! Make your own mistakes. If twostudents make i
UC Irvine - ECON 134A - 62360
Midterm Exam answer key and grades will be posted tomorrow you can pick up your scantron and discuss solutions atmy office hours average was 23.5 out of 34 (one question dropped)85% - cutoff for solid A70-75% -cutoff for solid B60-65% -cutoff for s
UC Irvine - ECON 134A - 62360
Expected Value and Expected UtilityExpected Utility:Suppose that an action f delivers several monetary payoffs x1, x2, .,xn with probabilities p1, p2 , . pn respectively.Then the expected value isEV(f) = p1 x1 + p2 x2 + pn xnAnd expected utility is
UC Irvine - ECON 134A - 62360
Question 1For some events, neither symmetry nor frequencies canbe used to compute probabilities.Example: How likely is it that Lakers win the next title?Also many people do not understand probabilities(especially small ones) very well.It seems that
UC Irvine - ECON 134A - 62360
Prospect TheoryBEM: Kahneman and Tversky (79) proposed the prospect theoryThe simplest form of this theory applies to prospects written as(x, p; y, q)that deliver a gain x&gt; 0 with probability p and a loss y&lt;0 withprobability q. With the remaining pro
UC Irvine - ECON 134A - 62360
Question 1Prospect theory has the following features Loss aversion.v(-x) &lt; - v(x) where x&gt;0 diminishing sensitivity for gains and for losses. It impliesrisk aversion for gains and risk loving for losses. overweighing small probabilities and underwei
UC Irvine - ECON 134A - 62360
Standard Economic Model: Game TheoryGame theory is a tool for studying strategic behavior ofseveral players.The behavior of each player in a game should take intoaccount the behavior of others and the mutual recognitionof this interdependence.Applic
UC Irvine - ECON 134A - 62360
Standard Economic Model: Game TheoryGame theory is a tool for studying strategic behavior ofseveral players.The behavior of each player in a game should take intoaccount the behavior of others and the mutual recognitionof this interdependence.Applic
UC Irvine - ECON 134A - 62360
Standard Economic Model: Game TheoryGame theory is a tool for studying strategic behavior ofseveral players.The behavior of each player in a game should take intoaccount the behavior of others and the mutual recognitionof this interdependence.Applic
UC Irvine - ECON 134A - 62360
Second Midterm: Questions 1-8Charness, Rabin (02)Let x1 and x2 be the payoffs for agents 1 and 2.U1 (x1, x2) = x2 + (1 - ) x1 if x1 x2= x2 + (1 -) x1 if x1 &lt; x2Standard EM: = = 0altruism: &gt; &gt; 0Altruism and spite: &lt; 0 &lt; Fehr, Schmidt (99) : &lt; - &lt; 0
UC Irvine - ECON 134A - 62360
What happens in experiments?Dominant strategies are robust.In simple games, subjects pick the dominant strategy more90% of the time.One problem is fairness concerns, such as in the dictatorgames.What happens in experiments?Iterated dominant strateg
UC Irvine - ECON 134A - 62360
Final Exam Wed, Dec 11, 4-6pm multiple choice , 50-55 questions, two hours, less timepressure bring your own scantron F-288-PAR-L two pages of handwritten notes no cooperation! office hours: Tue 12-1:30 SSPA 3177 please, submit your electronic eva
UC Irvine - ECON 134A - 62360
Second Midterm, Behavioral Economics 115You have 50 minutes to 30 multiple choice questions. Good luck.1. The empirical evidence in the dictator games shows that people are typically willing to shareabout \$2 out of a \$10 endowment. This behavior can be
UC Irvine - ECON 134A - 62360
Midterm 1You have 50 minutes to answer 35 questions.1. Ann prefers x to y , and y to z . Then the function u(x) = 3, u(y ) = 1, u(z ) = 10000 is her(A) experienced utility; (B) decision utility; (C) anticipatory utility; (D) real-time utility.Answer:
UC Irvine - ECON 134A - 62360
NBER WORKING PAPER SERIESPSYCHOLOGY AND ECONOMICS:EVIDENCE FROM THE FIELDStefano DellaVignaWorking Paper 13420http:/www.nber.org/papers/w13420NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138September 2007I would l
UC Irvine - ECON 134A - 62360
QuizThe objective of this quiz is to help you evaluate your progress, and to provide a starting pointfor further discussion. This quiz will not aect your grade, and your answers need not be submitted.You have 15 minutes.1. Ann maximizes discounted uti
UC Irvine - ECON 134A - 62360
Quiz #1 Answers, Econ 115 Fall 2009This solution guide was written by Andy C. Chang. Any remaining errors aremy responsibility. Please direct any corrections to achang19@uci.edu1)Under the discounted utility model, Ann will try to maximize her utility
UC Irvine - ECON 134A - 62360
Quiz 2You have 20 minutes to answer the following questions.1. Ann prefers an improving sequence of annual wages 25K, 30K, 35K to the decreasing sequence35K, 30K, 25K. Her behavior can be explained by(A) discounted utility model with positive discount
UC Irvine - ECON 134A - 62360
Quiz 3You have 20 minutes to answer the following questions.1. Ann prefers to commit today to do a project tomorrow rather than to decide tomorrow. Herpreference for commitment can be explained by(A) discounted utility model;(B) hyperbolic discountin
UC Irvine - ECON 134A - 62360
Quiz 5You have 15 minutes to answer the following questions.1. The prospect theory accommodates(A) risk loving behavior over moderate losses;(B) loss aversion;(C) accommodates buying lottery tickets together with expensive product insurance;(D) all
UC Irvine - ECON 134A - 62360
Quiz 6You have 20 minutes to answer the following questions.1. Which of the following concepts of equilibrium in game theory is most robust in experiments(i.e. most accurately describes relevant empirical data)(A) dominant strategy equilibrium;(B) it
UC Irvine - ECON 134A - 62360
American Economic AssociationPsychology and EconomicsAuthor(s): Matthew RabinSource: Journal of Economic Literature, Vol. 36, No. 1 (Mar., 1998), pp. 11-46Published by: American Economic AssociationStable URL: http:/www.jstor.org/stable/2564950Acces
Aarhus Universitet - N - n
42Click to edit Master subtitle style1/5/11MUCUTHHINMC ] CH,TCDNGvitrt[V F S ) * 5 N1/5/11(s dng) vo vic g / (c li) cho vic g* V ` o)SF N1. N V 8 * L VD: n W+ se 2 . ( N )V 8 * L : nh gi * C y * 3. (N * V y* ton Cn W+ sg1/5/11: Cch s dng / / /:
Aarhus Universitet - ECONOMICS - 101
Assignment 1 (v2009b)Vietnam Income Tax Calculator (VITC)Due - Wednesday June 10 at 11:59 p.m.In this assignment, you are required to write a C program to calculate the income tax following theVietnamese tax specifications.A. Learning OutcomeUpon su