Today's Reading
What is the additional cost of responding to one extra crime called?
Marginal Cost
What is a regressive policy?
any policy that disproportionately burdens low-income or otherwise disadvantaged groups
The two major categories we've used to describe different types of value
Use & non-use value
Describe the marginal cost of public funds (MCF)
the societal loss (via extra cost) on a per dollar basis when the government collects taxes
How many US presidents have there been to date?
46
How can accurate law enforcement cost estimates impact the prioritization of crime prevention policies?
They enable targeted allocation of resources to the most cost-effective programs
How does choesing which dicscount rate to use effect the equity of the CBA?
High discount rates favor current generations over fiuture ones. Likewise, low discount rates favor future generations over current ones
The two subcategories of use value
Consumption & non-consumption
What does ICER stand for?
Incremental cost-effectiveness ratio
Who was the most recent World Series MVP?
Freddie Freeman
What benefit does a Monte Carlo simulation bring to CBA for crime prevention?
It handles uncertainty by providing a range of possible outcomes
Give one reason why there might be a lack of inclusion in the CBA decision-making process.
- lack of historical influence for marginalized groups
- those in power have an interest is maintaining their position
- Participating in the CBA process often requires a degree and disposable time which can be prohibitive
- other reasons may sufice
This is the main type of value we derive from the military
Existence Value
What is the "warm glow" effect?
emotional reward people experience when they help others without expecting anything in return
What network did Jeopardy debut on?
NBC
In the FBI classification system, what distinguishes Part 1 crimes from Part 2 crimes?
Part 1 crimes are major offenses like murder and robbery and are prioritized in reporting, while Part 2 crimes include less severe offenses like vandalism
Describe the distributional weights method and how it could be used to combat inequities.
While conducting a normal CBA, weighted multipliers are applied to the costs/benefits of different groups with the hope of accurately reflecting societal inequities as seen fit.
You donate to the College's endowment, funds that cannot be withdrawn and used for 10-15 years. What are the two types of value you would experience in this situation?
Altruism & Bequest Value
Describe hedonic property value
estimate the value of a property by analyzing the relationship between the property's features (neighborhood, school district, house, state, etc.) and its price
2(43 - 14) + 18 = ?
118