Take-Home Exam

DevP 233

Take-Home Exam

Spring 2017

David Zilberman

 

1. Explain the following terms and their significance:
   1. Median Voter Theorem
   2. Arrow’s Impossibility Theorem
   3. Rent seeking behavior
   4. Regulatory capture
   5. PEST vs. PERT transfers
   6. Risk aversion, risk neutrality vs. loss aversion
   7. Prospect theory
   8. Bayesian learning
   9. Asymmetric information
   10. Principal-agent problem
2. Explain the behavior of a politician (or regulator) as an economic agent, and what considerations are used in deciding policies that may result in socially suboptimal outcomes. Give one or two examples.
3. Write a short essay explaining how economic and political factors help in shaping market outcomes.
4. Write a short essay explaining the differences in agricultural policies in developed and developing countries, including factors that affect the evolution of agricultural policies. Analyze briefly the evolution of agricultural policies in a country, region, or crop of your choice.

 

Good luck.