- Explain the following terms and their significance:
- Median Voter Theorem
- Arrow’s Impossibility Theorem
- Rent seeking behavior
- Regulatory capture
- PEST vs. PERT transfers
- Risk aversion, risk neutrality vs. loss aversion
- Prospect theory
- Bayesian learning
- Asymmetric information
- Principal-agent problem
- 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.
- Write a short essay explaining how economic and political factors help in shaping market outcomes.
- 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.