Question
With Michele Piccione, this economist proved that an equilibrium existed in a theoretical exchange economy governed by a power relation S that they dubbed the “jungle economy.” For 10 points each:
[10h] Name this economist, who collaborated with Piccione on a paper about imperfect recall that introduced the absent-minded driver’s paradox. This man names a bargaining model in which alternating offers are made across an infinite time horizon
ANSWER: Ariel Rubinstein [accept the Rubinstein bargaining model]
[10e] The jungle economy is an example of coercion-governed exchange economy, in which agents can only exchange or practice this behavior. This economic behavior is often contrasted with saving.
ANSWER: consumption [or spending; accept synonyms of spending like buying or purchasing]
[10m] Because the number of power relations must be finite, Rubinstein showed that this statement that any Pareto efficient allocation is a competitive equilibrium for some initial endowment does not apply to jungle equilibria.
ANSWER: second fundamental theorem of welfare economics [prompt on the fundamental theorems of welfare economics]
<Social Science - Social Science - Economics>
Summary
| 2024 ARGOS @ Chicago | 11/23/2024 | Y | 1 | 10.00 | 100% | 0% | 0% |
Data
| BHSU Rebirth | BHSU ReFantazio | 0 | 10 | 0 | 10 |