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Subject Code : ECON512
Assignment Task :

Problem 1 

Explain and discuss: 

a. The fundamental difference between static and dynamic games.

b. The difference between Games with Complete and incomplete information and what belief consistency means.

c. What Non-credible threat is and use an example. Illustrate the question with examples.

 

Problem 2 

Consider a perfectly-competitive pure-exchange economy with one commodity and two consumers. Assume that the two consumers’ endowments of the commodity are strictly positive. 

What is the Walrasian equilibrium allocation of this economy? What is the equilibrium relative price? Explain and discuss it using an example. 

 

Problem 3

Elaborate and discuss in detail the kinds of restrictions on consumption sets, endowments, preferences, and production sets or the economic in general that would guarantee: 

a. the existence of a general equilibrium 

b. A unique general equilibrium. 

c. Stable general equilibrium 

d. Socially optimal equilibrium 

 

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  • Posted on : January 25th, 2018

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