The Von Neumann-Morgenstern utility function is U(W) = α +β ln(W), where β > 0
(1) Find the Arrow-Pratt absolute risk aversion measure. (2 分)
(2) Find the Arrow-Pratt relative risk aversion measure. (2 分)
Consider a Cournot oligopoly with three firms: A,B, and C. The three firms face an
inverse market demand function given by P(Q) =120 − 20Q, where Q is the total
output. Firm A has constant marginal cost equal to 2. Firms B and C have the same
marginal cost, constant at all levels of output and equal to 1.
(1) Compute the firms' equilibrium quantities, the market price and the firms' profits.(9 分)
(2) If the firms are competing in prices, compute the firms' equilibrium quantities,
market price and the firms' profits. (9 分)
Suppose that technological change is not labor-augmenting, but affects only capital.
Use the Solow growth model with depreciation rate( δ ), saving rate(s), population
growth rate(n), and technological progress rate(g) to explain and graphically illustrate
the impact of the slower rate of technological change that increases the rate at which
capital wears out on the steady state capital-labor ratio and the steady-state level of
output per worker. (10 分)
請解釋以下名詞
(1) Purchasing Power Parity (2 分)
(2) International Fisher Effect(2 分)
(3) Uncovered Interest Rate Parity(2 分)
(4) Covered Interest Rate Parity(2 分)
(5) Nash Equilibrium(2 分)
在力霸集團重整事件下,旗下關係企業之一的中華銀行爆發異常擠兌人潮。因此
學者專家提出「存款保險可以安定存款人的信心,應強制每一家存款機構加入存
款保險,以使台灣金融體系健全運作。」請由逆選擇(adverse selection)和道德危機
(moral hazard)的觀點評論上述說法。
流動性偏好理論(Liquidity Preference theory)認為貨幣供給增加會降低利率,但
Milton Friedman 則認為貨幣供給增加不一定會降低利率。請以流動效果Liquidity
Effect)、所得效果(Income Effect)、和價格效果(Price effect)說明之。
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