Game Theory
Game theory assumes this of a player
What is perfect rationality? OR
What is perfect information
The formula for revenue
What is (q)uantity * (p)rice?
A subset of the population used for research
What is a sample?
What is four?
This 18th century economist penned the book "The Wealth of Nations" and is often cited as the father of modern Economics.
Who is Adam Smith?
The most famous thought experiment in game theory is this game, revolving around two people ending up with a bad outcome by each making a choice that maximizes their own payoff
What is a prisoner's dilemma?
As opposed to perfect competition, this market has a tiny number of firms holding tremendous market power
What is an oligopoly?
A curve in which the most common outputs are in the center, and more rare outcomes tail off in either extreme
What is a bell curve?
What is "seeks to enrich student's education by inspiring academic excellence, connecting with professionals and providing the opprotunity to original and independent research in the field of economics."
This famous concept proposes that an increase in productivity would always be offset by an increase in population, leading to humanity being trapped forever in poverty
What is a Malthusian trap?
When two goods are prefect compliments, an increase in the price of one good has this effect on the other
What is a decrease in price OR a decrease in demand?
A range of values in data that accounts for (usually) 95% of the population
What is a confidence interval?
The first name of the vice president of Econ Club (officers stay quiet)
Who is Gus?
This famous economist suffered from schizophrenia, but made great contributions to the field, including the discovery of the Nash Equilibrium.
Who is John Nash?
This action improves at least one players outcome without diminishing the outcome of any other player
What is a pareto improvement?
The dual mandate of the Federal Reserve
What is full employment and stable prices?
BLUE stands for this in econometrics
What is (b)est (l)inear (u)nbiased (e)stimator?
What year was the Econ club formed?
When was 2014?
This school of economic thought advocates against using mathematical models, as they believe "groups don't think, people think".
What is Austrian Economics?
This method allows us to solve (find the Nash-equilibrium) a sequential game
What is backwards induction?
The first and most important of the six assumptions in Gauss-Markov theorem?
What is linear-in parameters?
Karl Scholz, the president of the University of Oregon, is a professor of economics, and focused on this.
What is poverty?
The year in which the first Nobel prize in economics was awarded? (+ or - 10 years)
When was 1969?