ECON601- In business, sports, politics, and many
econ 601discussion questions
1. In business, sports, politics, and many other fields there are probably countless situations akin to the prisoner’s dilemma where players acting in their own self-interest do not produce an ideal outcome. Likewise, some player dynamics also illustrate other game theory concepts like a game of chicken, credible threats/commitments, and other similar concepts. Use at least one article from The Wall Street Journal to discuss a strategic situation between players that resembled or used any of the concepts above. What could have any of the players done differently to achieve a better outcome?
2. What is the difference between risk and uncertainty? Provide examples of what your organization has done, or not done, to deal with risk and uncertainty. How did those actions affect the firm once a contingency of risk or uncertainty materialized?
3.How does the financial strength of an organization influence decision making and outcomes? Provide examples that support your rationale.
4. Give examples from your employment history where you witnessed moral hazard in the workplace. What were the incentives that gave rise to moral hazard? Did the firm take steps to eliminate moral hazard?
5. Begin by locating a scholarly article regarding the effects of increases on minimum wages and discuss its findings. Does a minimum wage increase lead to reductions in employment, or is the overall effect on employment net positive? Do you agree or disagree with the results of the study? What do you think are other vital considerations that should be taken into account in the study? Discuss how conscious capitalism would approach a minimum wage increase. Provide examples to support your rationale.
6. Go to The Economist website and search for the Big Mac Index for a recent time period. Compare the Purchasing Power of the United States with another country. Try to choose a country with which you are not very familiar. What does this parity say about the potential standard of living in the country you chose? What does it say about the potential wage level?
7. Over several decades, some industries, such as textile and clothing, which were once a significant part of the U.S. economy, have shifted manufacturing abroad. Using the idea of opportunity cost, provide an explanation of the reasoning behind this shift. How has this shift affected economic well-being locally? How do the gains compare to the losses?
References:
https://www.businessinsider.com/how-to-use-game-th…
https://www.econlib.org/library/Enc/GameTheory.htm…
https://www.science.org/doi/10.1126/science.114299…https://www.journals.uchicago.edu/doi/pdfplus/10.1086/380085
https://www.journals.uchicago.edu/doi/pdfplus/10.1…
https://www.foxnews.com/us/hilcorp-energy-gives-10…
https://www.nber.org/papers/w25182.pdf
https://www.nytimes.com/2017/06/26/business/econom…
https://www.bls.gov/opub/mlr/2014/beyond-bls/deter…
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