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10-7-09 - Economics 448 Class Notes There will be a...

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Economics 448 – Class Notes – 10/7/09 There will be a question on the exam like the worksheet from Williamson and Milgrom and Roberts homework Non-specific assets Mixed Idiosyncratic Frequent Occasionally SECOND PROBLEM: As long as you have a shared belief about the future (the size of P) and you are risk neutral, even if you don’t know what is going to happen in the future, you can come up with a contract in the short run to get STC to invest. From society’y perspective, it is efficient to end up SOMEWHERE on the game tree OTHER THAN the bottom tree branch (since the payoff Practice exams: 2005 exam Question #2 don’t worry about Question #4 don’t worry about Question #11 don’t worry about that either 2008: Question #3 residual claimant not on exam Didn’t do shirking yet either On review sheet: Monitoring: not on exam Hayek What he doesn’t like about neoclassical economics, when we think about decision making in the firm: o Isocost and isocost o Different combinations of labor and capital to get the same output o Slope of isocost and isoquant set equal to each other o
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