Question
Yale professor Joel Waldfogel authored a paper on this quantity during the Christmas season, comparing the efficiency of gifts to significant others to the inefficiency of gifts from extended family. For 10 points each:
[10e] Name this so-called economic “loss” in which market inefficiencies cause a decline in total surplus. This quantity is represented by a triangle formed on two sides by supply and demand.
ANSWER: deadweight loss
[10h] Some economists argue that micro-efficiencies denoted by triangles named for this economist pale in comparison to macroeconomic harms on Christmas. This economist wrote The Incidence of Taxation.
ANSWER: Arnold Harberger [or Arnold Carl Harberger]
[10m] In “The Business Cycle Effects of Christmas,” Yi Wen analyzed seasonal business cycles with this property. Variables with this property are uncorrelated with the error term.
ANSWER: exogenous [or exogeneity]
<McMaster, Social Science>
Summary
| Lower Mid-Atlantic | 2025-02-01 | Y | 6 | 8.33 | 50% | 17% | 17% |
| Midwest | 2025-02-01 | Y | 6 | 8.33 | 83% | 0% | 0% |
| Northeast | 2025-02-01 | Y | 4 | 7.50 | 75% | 0% | 0% |
| Overflow | 2025-02-01 | Y | 4 | 17.50 | 100% | 50% | 25% |
| Pacific Northwest | 2025-02-01 | Y | 2 | 10.00 | 100% | 0% | 0% |
| UK | 2025-02-01 | Y | 10 | 7.00 | 70% | 0% | 0% |
| Upper Mid-Atlantic | 2025-02-01 | Y | 8 | 12.50 | 88% | 38% | 0% |
Data
| Notre Dame A | Northwestern B | 10 | 0 | 0 | 10 |
| Notre Dame B | Georgetown B | 10 | 0 | 0 | 10 |
| Stanford B | Purdue | 10 | 0 | 10 | 20 |
| Northwestern A | Iowa | 10 | 10 | 10 | 30 |