Review_Sheet_for_Final_Exam_Spring_2007 - Review for Final...

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Review for Final Exam (This sheet covers just new material since Prelim 2) Definitions (know concepts and formulas when relevant) Best response Dominant strategy Strategic Behavior Simultaneous vs. Sequential Entry Residual demand curve Credible threats Marginal Revenue Product of Labor (MRPL) Monopsony Vertical integration Durable goods Non-durable goods Interest rate Discount rate Present value Future value Net present value Subjective probability Mutually exclusive Expected value Variation Risk averse (risk neutral, risk loving) Risk premium Diversification Actuarially fair insurance Law of large numbers Hedging Winner’s Curse Externality Private vs. social costs and benefits Pigouvian tax Coase Theorem Public Good Tragedy of the Commons Free-riding Asymmetric information Adverse selection Lemons markets Moral hazard Screening Signalling Principal-agent problem Fixed-fee contract Hire contract Contingent contract Incentive compatible Concepts Strategy
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  • Spring '06
  • LEE,D.R.
  • Net Present Value, Market failure, Externality, optimal level, socially optimal output, MRPL

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