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Introduction to Political Economy 2023 with complete solution
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8

February 2023

2022/2023

A+
Rational Choice Choose between actions A, B, C by highest expected utility Rational Expectations Estimates of value of a random variable are normally distributed around the true value, most people make pretty good social science predictions most of the time Ex. Retaliating against terrorism Bounded Rationality Rational choice when decision making costs are high which leads to picking the minimally satisfactory outcome Ex. Buying a car: you aren't going to look at every si...
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