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Boundless Lecture Slides

Boundless Lecture Slides. Available on the Boundless Teaching Platform. Free to share, print, make copies and changes. Get yours at www.boundless.com. Using Boundless Presentations. Boundless Teaching Platform

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Boundless Lecture Slides

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. Sources of Inefficiency Challenges to Efficient Outcomes ] Challenges to Efficient Outcomes Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Challenges to Efficient Outcomes > Sources of Inefficiency Sources of Inefficiency • Asymmetric Information: Adverse Selection and Moral Hazard • Principle-Agent Problem • Public Choice: Median Voters and Inefficient Voting Outcomes • Behavioral Economics: Irrational Actions • Government Failure Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/challenges-to-efficient-outcomes-15/sources-of-inefficiency-83/

  6. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  7. Challenges to Efficient Outcomes Key terms • adverse selectionThe process by which the price and quantity of goods or services in a given market is altered due to one party having information that the other party cannot have at reasonable cost. • arbitrageTaking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance; the profit made between price differences. • behavioral economicsStudy of the effects of social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and resource allocation. • expenditureAct of expending or paying out. • heuristicRelating to general strategies or methods for solving problems. • incentiveSomething that motivates, rouses, or encourages. • moral hazardA situation where there is a tendency to take undue risks because the costs are not borne by the party taking the risk. • ObjectiveAgreed upon by all parties present (or nearly all); based on consensually observed facts. • paradoxA counter-intuitive conclusion or outcome. • public choice theoryThe use of modern economic tools to study problems that traditionally are in the province of political science. • subjectiveFormed, as in opinions, based upon a person's feelings or intuition, not upon observation or reasoning; coming more from within the observer than from observations of the external environment. • voting systemA system used to determine the result of an election based on voters' preferences. Free to share, print, make copies and changes. Get yours at www.boundless.com

  8. Challenges to Efficient Outcomes Principle agent problem The diagram shows the basic idea of the principle agent problem. P is the principle and A is the agent. It clearly illustrates the working relationship between the principle and the agent while highlighting the presence of business partnership as well as self-interest. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Principal agent."CC BY-SAhttp://en.wikipedia.org/wiki/File:Principal_agent.pngView on Boundless.com

  9. Challenges to Efficient Outcomes Preferential voting ballot The Condorcet paradox is used to evaluate voting systems. Voters rank candidates according to their own preferences. The Condorcet method states that a candidate wins by majority rule. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Preferential ballot."CC BY-SAhttp://en.wikipedia.org/wiki/File:Preferential_ballot.svgView on Boundless.com

  10. Challenges to Efficient Outcomes Decision making This graph shows the three stages of rational decision making that was devised by Herbert Simon, a notable economist and scientist. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Simons 3 stages in Decision Making."CC BY-SAhttp://en.wikipedia.org/wiki/File:Simons_3_stages_in_Decision_Making.gifView on Boundless.com

  11. Challenges to Efficient Outcomes Moral Hazard An insured driver getting into a car accident is an example of a moral hazard. The driver will take risks because the cost is not directly felt due to a transaction. The insurance company pays for the accident and not the driver. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Japanese car accident blur."CC BY-SAhttp://en.wikipedia.org/wiki/File:Japanese_car_accident_blur.jpgView on Boundless.com

  12. Challenges to Efficient Outcomes The Public Sector This graph shows the layers of the government. The government is tied directly to the public sector. Government failure is an analogy made by the public sector when market failure occurs. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Public Sector."CC BY-SAhttp://en.wikipedia.org/wiki/File:Public_Sector.pngView on Boundless.com

  13. Challenges to Efficient Outcomes Attribution • Wiktionary."moral hazard."CC BY-SA 3.0http://en.wiktionary.org/wiki/moral_hazard • Wiktionary."adverse selection."CC BY-SA 3.0http://en.wiktionary.org/wiki/adverse_selection • Wikipedia."Market failure."CC BY-SA 3.0http://en.wikipedia.org/wiki/Market_failure • Wikipedia."Moral hazard."CC BY-SA 3.0http://en.wikipedia.org/wiki/Moral_hazard • Wikipedia."Information asymmetries."CC BY-SA 3.0http://en.wikipedia.org/wiki/Information_asymmetries • Wikipedia."Adverse selection."CC BY-SA 3.0http://en.wikipedia.org/wiki/Adverse_selection • Wiktionary."adverse selection."CC BY-SAhttp://en.wiktionary.org/wiki/adverse_selection • Wiktionary."incentive."CC BY-SA 3.0http://en.wiktionary.org/wiki/incentive • Wiktionary."Objective."CC BY-SA 3.0http://en.wiktionary.org/wiki/Objective • Wiktionary."subjective."CC BY-SA 3.0http://en.wiktionary.org/wiki/subjective • Wikipedia."Principle agent problem."CC BY-SA 3.0http://en.wikipedia.org/wiki/Principle_agent_problem • Wiktionary."voting system."CC BY-SA 3.0http://en.wiktionary.org/wiki/voting_system • Wikipedia."public choice theory."CC BY-SA 3.0http://en.wikipedia.org/wiki/public%20choice%20theory • Wiktionary."paradox."CC BY-SA 3.0http://en.wiktionary.org/wiki/paradox • Wikipedia."Public choice."CC BY-SA 3.0http://en.wikipedia.org/wiki/Public_choice • Wikipedia."Condorcet paradox."CC BY-SA 3.0http://en.wikipedia.org/wiki/Condorcet_paradox • Wikipedia."Condorcet method."CC BY-SA 3.0http://en.wikipedia.org/wiki/Condorcet_method Free to share, print, make copies and changes. Get yours at www.boundless.com

  14. Challenges to Efficient Outcomes • Wikipedia."Voting systems."CC BY-SA 3.0http://en.wikipedia.org/wiki/Voting_systems • Wikipedia."heuristic."CC BY-SA 3.0http://en.wikipedia.org/wiki/heuristic • Wikipedia."behavioral economics."CC BY-SA 3.0http://en.wikipedia.org/wiki/behavioral%20economics • Wikipedia."Behavioral economics."CC BY-SA 3.0http://en.wikipedia.org/wiki/Behavioral_economics • Wikipedia."arbitrage."CC BY-SA 3.0http://en.wikipedia.org/wiki/arbitrage • Wiktionary."expenditure."CC BY-SA 3.0http://en.wiktionary.org/wiki/expenditure • Wikipedia."Inefficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Inefficiency • Wikipedia."Government shutdown."CC BY-SA 3.0http://en.wikipedia.org/wiki/Government_shutdown • Wikipedia."Government failure."CC BY-SA 3.0http://en.wikipedia.org/wiki/Government_failure Free to share, print, make copies and changes. Get yours at www.boundless.com

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