Merry Christmas and Happy New Year

Q0TW-13 Answer

What is the Nobel prize in economics known as?

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Who was awarded the prize in 2012?

Alvin E. Roth
Harvard University, Cambridge, MA, USA, and Harvard Business School, Boston, MA, USA

and

Lloyd S. Shapley
University of California, Los Angeles, CA, USA

For what contribution to economics was the prize awarded?

The theory of stable allocations and the practice of market design".

 Stable allocations – from theory to practice

This year's Prize concerns a central economic problem: how to match different agents as well as possible. For example, students have to be matched with schools, and donors of human organs with patients in need of a transplant. How can such matching be accomplished as efficiently as possible? What methods are beneficial to what groups? The prize rewards two scholars who have answered these questions on a journey from abstract theory on stable allocations to practical design of market institutions.

All correct answers were given by Zenaida, Alisha and Sanita from F.Y.B.Com.

Global dimming????? What's that?????

Research has shown that air pollutants from fossil fuel use make clouds reflect more of the sun’s rays back into space. 

This leads to an effect known as global dimming whereby less heat and energy reaches the earth. 

At first, it sounds like an ironic saviour to climate change problems. 

However, it is believed that global dimming caused the droughts in Ethiopia in the 1970s and 80s where millions died, because the northern hemisphere oceans were not warm enough to allow rain formation. 

Global dimming is also hiding the true power of global warming. 

By cleaning up global dimming-causing pollutants without tackling greenhouse gas emissions, rapid warming has been observed, and various human health and ecological disasters have resulted, as witnessed during the European heat wave in 2003, which saw thousands of people die.

QOTW 13

What is the Nobel prize in economics known as?

Who was awarded the prize in 2012?

For what contribution to economics was the prize awarded?

Send your answers to profKMody@gmail.com by Monday 17 December 2012.

The new field of neuroeconomics looks at how economic decision-making actually happens inside the brain. The field has emerged from the collaborative work of neuroscientists, psychologists, and economists.
Psychology and economics are complementary disciplines, in many cases studying the same phenomena: decision making, value-based judgment, heuristics. One side approaches it from a phenomenological, experiment-driven perspective and the other from an abstract, theoretical perspective.
Neuroeconomics is an opportunity to think about the neural mechanisms underlying economic decision making, but also as an opportunity to help discipline psychological and neuroscientific theory with the tools of mathematics.

Correct answers were given by:
F.Y.B.Com. students, Zenaida, Alisha and Sanita

Economics and Management Fest at NMIMS

Hi Andreans, 
Would you like to participate in a fest at the NMIMS School of Economics.
Interesting events....not just economics.
Get in touch with Allen Quadros TYBMS 'B' 9594159200 asap
It is on 19-20 Dec 2012.

QOTW 12

WHAT IS NEUROECONOMICS?
Send in your answers to profKMody@gmail.com by  Monday 10 December 2012.

QOTW 11-Answer

The relationship between an economy's unemployment rate and its gross national product (GNP). 

Twentieth-century economist Arthur Okun developed this idea, which states that when unemployment falls by 1%, GNP rises by 3%.

However, the law only holds true for the U.S. economy, and only applies when the unemployment rate falls between 3-7.5%.

Another version of Okun's Law focus on a relationship between unemployment and GDP, whereby a percentage increase in unemployment causes a 2% fall in GDP.
The percentage by which GNP changes when unemployment changes by 1% is called the "Okun coefficient".

Industrialized nations with labour markets that are less flexible than those of the United States, such as France and Germany, tend to have higher Okun coefficients. In those countries, the same percentage change in GNP has a smaller effect on the unemployment rate than it does in the United States.

All correct answers were given by Zenaida, Alisha and Sanita of F.Y.B.Com.

Thought for the Week

"The intellect has little to do on the road to discovery.  

There comes a leap in consciousness, call it intuition or what you will, and the solution comes to you, and you don't know how or why."Albert Einstein