曼昆经济学原理英文版文案加习题答案22章word精品Word格式文档下载.docx
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曼昆经济学原理英文版文案加习题答案22章word精品Word格式文档下载.docx
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AnewCaseStudyonLeft-DigitBiashasbeenaddedandanewIntheNewsfeatureon"
CanBrainScieneeImproveEconomics?
"
hasbeenadded.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
howtoexamineproblemscausedbyasymmetricinformation.
themarketsolutionstoasymmetricinformation.
whydemocraticvotingsystemsmaynotrepresentthepreferencesofsociety.
whypeoplemaynotalwaysbehaveasrationalmaximizers.
CONTEXTANDPURPOSE:
Chapter22isthelastchapterinthemicroeconomicsportionofthetext.Itisthesecondoftwounrelatedchaptersthatintroducestudentstoadvaneedtopicsinmicroeconomics.Thesetwochaptersareintendedtowhettheirappetitesforfurtherstudyineconomics.
ThepurposeofChapter22istogivestudentsatasteofthreetopicsonthefrontierofmicroeconomicresearch.Thefirsttopicaddressedisasymmetricinformation,asituationwhenonepersoninaneconomicrelationshiphasmorerelevantknowledgethantheotherpersondoes.Thesecondtopicispoliticaleconomy,theapplicationofeconomictoolstotheunderstandingofthefunctioningofgovernment.Thethirdtopicaddressedisbehavioraleconomics,theintroductionofpsychologyintothe
studyofeconomicissues.
KEYPOINTS:
391
*Inmanyeconomictransactions,informationisasymmetric.Whentherearehiddenactions,principalsmaybeconcernedthatagentssufferfromtheproblemofmoralhazard.Whentherearehidden
characteristics,buyersmaybeconcernedabouttheproblemofadverseselectionamongthesellers.Privatemarketssometimesdealwithasymmetricinformationwithsignalingandscreening.
«
Althoughgovernmentpolicycansometimesimprovemarketoutcomes,governmentsarethemselvesimperfectinstitutions.TheCondorcetparadoxshowsthatthemajorityrulefailstoproducetransitivepreferencesforsociety,andArrow'
simpossibilitytheoremshowsthatnovotingsystemwillbeperfect.Inmanysituations,democraticinstitutionswillproducetheoutcomedesiredbythemedianvoter,regardlessofthepreferencesoftherestoftheelectorate.Moreover,theindividualswhosetgovernmentpolicymaybemotivatedbyself-interestratherthannationalinterest.
Thestudyofpsychologyandeconomicsrevealsthathumandecisionmakingismorecomplexthanisassumedinconventionaleconomictheory.Peoplearenotalwaysrational,theycareaboutthefairnessofeconomicoutcomes(eventotheirowndetriment),andtheycanbeinconsistentovertime.
CHAPTEROUTLINE:
Thisisagreatchaptertogetstudentsinterestedinfurtherstudyofeconomics.Itisimportantforthestudentstolearnthateconomicsisagrowinganddevelopingscieneeandthateconomistsarealwayslookingfornewareastostudyandnewphenomenatoexplain.
I.AsymmetricInformation
A.Manytimesinlife,onepersonholdsmoreknowledgeaboutwhatisgoingonthananother.Such
adiffereneeinaccesstorelevantinformationisknownasaninformationasymmetry
B.Examples
1.Aworkerknowsmorethanhisemployeraboutthelevelofhisworkeffort.Thisisanexampleofahiddenaction.
2.Asellerofausedcarknowsmorethanthebuyerdoesaboutthecar'
scondition.Thisisanexampleofahiddencharacteristic.
C.Whenthereisasymmetricinformation,thepartywithouttherelevantknowledgewouldliketohavesuchknowledge,buttheotherpartymayhaveanincentivetoconcealit.
D.HiddenActions:
Principals,Agents,andMoralHazard
1.ImportantDefinitions
a.Definitionofmoralhazard:
thetendencyofapersonwhoisimperfectly
monitoredtoengageindishonestorotherwiseundesirablebehavior.
b.Definitionofagent:
apersonwhoisperforminganactforanotherperson,calledtheprincipal.
c.Definitionofprincipal*apersonforwhomanotherperson,calledtheagent,isperformingsomeact.
2.Theemploymentrelationshipistheclassicexample.
a.Workers(agents)maybetemptedtoshirktheirwork-relatedresponsibilitiesbecausetheiremployers(theprincipals)donotmonitortheirbehaviorclosely.
b.Employerscanrespondbyprovidingbettermonitoring,payinghigherwages,ordelayingpartoftheworker'
spayuntillaterintheworker'
slife.
3.FYI:
CorporateManagement
a.Fromaneconomicstandpoint,themostimportantfeatureofthecorporateformoforganizationistheseparationofownershipandcontrol.
b.Thiscreatesaprincipal-agentproblemwheretheshareholdersaretheprincipalsandthe
managersaretheagents.
c.Managers'
goalsmaynotalwayscoincidewithshareholders'
goalofprofitmaximization.
d.Asaresult,manymanagersareprovidedcompensatio
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