## Similar

Understand a game matrix, the prisoners’ dilemma, dominant and mixed strategies, zero-sum games, Pareto efficiency, the Nash equilibrium, and the power of asymmetric information.

Calculate payoffs and outcomes in games involving characters such as Jack and Jill, or Frodo and Gollum. Look at the effects of altruism and hatred on games, and see how games can change over time.

Explore examples looking at gang members, free riders, global governance, a long-term relationship, competing corporations, advertisers and their customers, along with familiar hawk-dove and chicken games.

See game players use every trick in the book to get what they want, with over 50 images to guide through the steps they use to play the game.

Examine a linear and multiple regression model, ordinary least squares method, and the Gauss-Markov conditions for a best linear unbiased estimator.

Understand hypothesis testing, with a null hypothesis, t, F or chi-square test statistics and distributions, and interpret regression results. Dummy variables model qualitative data and Chow tests assess regression equivalence.

Explore heteroscedasticity with the White method and with generalized least squares, Goldfeld-Quandt, Breusch-Pagan, and White tests. Assess autocorrelation with Durbin-Watson, Durbin h, and Breusch-Godfrey tests, lagged variables and auxiliary regressions.

Assess the impact of omitted variables, incorrect variables or functional form, and a non-normal distribution with Ramsey RESET and Jarque-Bera tests. Model random variables with the Method of Moments’ estimators, instrumental variables and Hausman test.

Understand the accounting rate of return (ARR), the payback period (PP), the net present value (NPV), and the internal rate of return (IRR). Work through four extended example studies for each approach, and learn how to easily find the NPV or IRR with Excel.

Compare the strengths and weaknesses of each of the four appraisal methods, and examine potential errors, risk management, and project management.

Understand a business’s role, goals and incentives. Examine adverse selection, moral hazard, and a bait and switch strategy, see how a firm may secure long-run gains, and learn what the show business industry can teach other businesses.

Evaluate duopoly price competition, prospects for collusion, and industry entry deterrence using credible commitments and asymmetric information. Look at strategic behaviour with top dog, fat cat, puppy dog ploy, or lean and hungry strategies, Cournot output competition and Bertrand price competition.

See what a business can learn from evolutionary biology, and how a firm may differentiate itself from its rivals.

Understand opportunity cost, diminishing returns, demand and supply, the market equilibrium, market failure, adverse selection and moral hazard. Learn how to calculate price and income elasticities.

Consumer theory explores budget constraints, indifference curves, marginal rate of substitution, utility maximization, Hicks and Slutsky income and substitution effects, and Samuelson’s revealed preference theory.

Firm theory examines production factors, Cobb-Douglas and other production functions, returns to scale, isoquant curves, isocost lines, cost minimization, profit maximization, Lerner index, and differentiation to derive a marginal revenue curve.

Perfect competition, monopolistic competition, oligopoly, and monopoly are explained. Monopoly welfare effects are shown, with oligopoly models of kinked demand, cartels, dominant price leadership, Cournot and Bertrand.

Game theory investigates duopoly and battle of the sexes games, assessing them with dominance and credible threats.

Consumer preferences and utility are examined with indifference curves, and differentiation to find marginal utility and the marginal rate of substitution. Consumer choice uses a Lagrange multiplier for optimization of utility functions subject to a budget constraint.

Risk attitude and expected utility look at absolute and relative risk aversion measures, and apply risk averse, neutral or risk loving attitudes to find the expected utility linked with gambling or buying insurance.

Production maximization optimizes production functions subject to cost constraints. Cost minimization optimizes cost functions subject to production constraints. Profit maximization with quadratic cost functions is performed for perfectly competitive or monopoly firms. Monopoly, monopolistically competitive, and oligopoly equilibrium values are calculated with optimization.

The effects of asymmetric information are examined by comparing actual, equilibrium, and efficient outcomes for buyers and sellers.

Examine expected value theory, with the two envelopes problem and St. Petersburg paradox which challenge it. Understand expected utility theory and learn how to create a utility function, and assess the Ellsberg paradox, Allais paradox, and preference reversal phenomenon.

Look at risk neutral, risk seeking and risk averse attitudes, explore original, cumulative and third generation prospect theory, and the role of risk sensitivity and loss aversion.

Evaluate zero-sum games, minimax and maximin strategies, and see how a mixed minimax strategy can overcome game outcome cycles.

Understand auction theory, with the revenue equivalence theorem for English, Dutch, and sealed bid private value auctions, and how bidders may avoid the winner’s curse in common value auctions.

Examine voting theory, with voter preferences, the median voter theorem, Condorcet winner, and Condorcet voting cycles. See how voters or government can manipulate the voting system.

Learn how to set up an eBay account, PayPal account, create a first listing, increase selling allowances, and use the eBay application and Turbo Lister. eBay and PayPal fees, and Feedback, are explained in depth and some significant 2014 changes are detailed.

Improve your eBay selling, and create superior listings with tips sections for title and item specifics, photos, product details, format and price, and shipping. Learn how to respond to common buyer questions, package and ship products, deal with problems with buyers, block buyers and cancel bids, and get your money back from the post office when a sold item gets lost.

Improve your eBay buying, and learn how to find value on eBay, develop an effective bidding strategy, and how to deal with problems with sellers and get your money back. Look into six ways some eBay users earn big money on the site, including both scams to avoid as a buyer and ideas on a profitable buy to sell business.

A direct step by step guide supports users in finding the areas of eBay they need, and address links to important sections of eBay are included throughout.

Calculate leverage, duration, modified duration, and convexity to find the risk exposure and interest rate risk sensitivity of an asset. Understand bond immunization to manage risk, and assess non-vanilla bond risk using both effective duration and effective convexity.

Use value at risk to forecast maximum losses over a period, with detailed step by step instructions provided to using the variance-covariance, historical simulation, and Monte Carlo methods. Learn how to perform autocorrelation and unit root tests to test the square root of time rule.

Conduct time-varying volatility analysis, using detailed steps to create an exponentially weighted moving average and then backtest it for robustness.

Apply financial risk management tools to the empirical 1994 bankruptcy of Orange County, California to determine if it could have been avoided, and assess a number of financial derivative hedge instruments.

Examine gains from trade theory, using the concepts of absolute efficiency, relative efficiency, opportunity cost, comparative advantage, and the terms of trade to learn why countries get involved with international trade.

Explore trade liberalization, as the role of power and interdependence in states’ liberalization policies is assessed with realist and liberal theories of international relations, and the case studies of India and Mexico.

Apply game theory to the problem of global warming and climate change, as the challenge to see the two biggest greenhouse gas polluters the United States and China reduce emissions is represented as an assurance game, prisoners’ dilemma game, and chicken game, and the prospects for a resolution evaluated.

Investigate the role which cultural difference plays in international relations, as communitarian, constructivist, and cosmopolitan theories are examined, and their predictions for cultural conflict, cultural change, or cultural unity are discussed.

Understand the four dimensional nature of economics, and how its learning process differs from other subjects.

Use data points, read graphs, and learn to create your own graphs and how to plot a trend curve. Evaluate the laws of diminishing marginal utility and diminishing returns exhibited by these trend curves, and assess the impact on consumers and producers. Turn curves into lines to find the relationship between two variables using an intercept and slope.

Find the equilibrium outcome where all sides are balanced and understand its importance for consumers and producers. Examine the factors which facilitate or prevent an equilibrium outcome, and which may lead to a range of possible outcomes.

Explore the impact of time as static analysis becomes dynamic analysis. Look into short-run shifts in demand or supply, and the affect which they may have on prices and consumption or production levels. Look at changes which can occur over the long-run, specifically the end of the law of diminishing returns.

Microeconomics overview explains how consumer preferences and budget constraint decide demand, and firm productivity and costs against revenue decide supply. Macroeconomics overview explains how the IS-LM model where goods and money markets balance decides aggregate demand, and the Phillips curve and growth models determine aggregate supply.

Econometrics is introduced as a method is presented to create value estimates, and economic theory becomes practice.

S&P 500 equities, GSCI commodities, and US Treasury Bill risk-free rate datasets are assessed for their data distributions, autocorrelation, and stationarity. The Engle-Granger 2 step method, Johansen test and the Vector Error Correction Model test for and correct cointegration.

ARMA models determine the optimal AR and MA processes to model returns data, and GARCH models assess the optimal p and q number of lags to model variance, using the Akaike Information Criterion. Alternative GARCH versions are examined.

Dynamic portfolio strategies are evaluated using Sharpe Ratio portfolio performance evaluation tools, with a focus on the 2007-8 global financial crisis period. Static portfolio strategies are assessed using ARMA return and GARCH variance forecasting. Results are used alongside established financial literature to assess the optimal portfolio strategy.

Understand the problem of environmental degradation, and why environmental externalities and market failure cause pollution to spiral out of control.

Examine the effectiveness of the polluters pay principle and a range of pollution control instruments, including bargaining, Pigovian taxation, tradable emissions permits, and command and control policy. Compare how each of the methods fare on cost efficiency, dynamic efficiency, equity, and performance under uncertainty.

Explore efficient environmental management, and see how renewable natural resources can be harvested efficiently, and how a tragedy of the commons scenario can be avoided. Understand the conditions of the Hotelling rule for optimal extraction of non-renewable natural resources.

Look at the stages of cost-benefit analysis and environmental policy valuation, and how the impacts of projects are valued using stated preference, revealed preference, or production function approaches.