Public Finance at Sofia University "St. Kliment Ohridski" | Flashcards & Summaries

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Lernmaterialien für Public Finance an der Sofia University "St. Kliment Ohridski"

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Public Finance Kurs an der Sofia University "St. Kliment Ohridski" zu.

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Types of economic systems

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Pure centrally planned economy

Pure market economy

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median voter theorem

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as long as all preferences are single-peaked and several other conditions are satisfied, the outcome of majority voting reflects the preferences of the median voter

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How are and how should production and consumption decisions be taken? (mixed economies)

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Two options available: 

  • Through private choice - maximize personal utility 
  • Through public choice - maximize social welfare
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Positive analysis

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an objective study of phenomena and processes 

Based on the historical evidence and statistical data we have; 

how things are

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Normative analysis

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how things should be

Boils down to finding the optimal solution under pre-specified constraints

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Why Positive Analysis? 


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  • To establish the facts, or get as close as possible to them
  •  Done with respect to the past, i.e. aimed to explain past events In the context of public economics, it is necessary to find out whether:
  •  Government action was effective; If it was, whether it had the expected magnitude and/or direction 
  • Positively established facts help in defining normative prescriptions!
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​​​​​Treatment group

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The group of individuals that are subject to the intervention(government program) being studied

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Correlation definition

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A measure of the extent to which two events move together

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Control group

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The comparison group of individuals who are not subject to the intervention being studied


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Econometric analysis

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the application of statistical tools to economic data

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experimental study

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An empirical study in which individuals are randomly assigned to the treatment and control group

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Utility function is denoted as

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u = u(X), where X = (x1, x2, . . . , xn) is the consumption basket 

Usually required to be twice differentiable, with: 

∂u/ ∂xi ≥ 0, ∂ 2u /∂x 2 i ≤ 0

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  • 3166 Karteikarten
  • 210 Studierende
  • 0 Lernmaterialien

Beispielhafte Karteikarten für deinen Public Finance Kurs an der Sofia University "St. Kliment Ohridski" - von Kommilitonen auf StudySmarter erstellt!

Q:

Types of economic systems

A:

Pure centrally planned economy

Pure market economy

Q:

median voter theorem

A:

as long as all preferences are single-peaked and several other conditions are satisfied, the outcome of majority voting reflects the preferences of the median voter

Q:

How are and how should production and consumption decisions be taken? (mixed economies)

A:

Two options available: 

  • Through private choice - maximize personal utility 
  • Through public choice - maximize social welfare
Q:

Positive analysis

A:

an objective study of phenomena and processes 

Based on the historical evidence and statistical data we have; 

how things are

Q:

Normative analysis

A:

how things should be

Boils down to finding the optimal solution under pre-specified constraints

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Q:

Why Positive Analysis? 


A:
  • To establish the facts, or get as close as possible to them
  •  Done with respect to the past, i.e. aimed to explain past events In the context of public economics, it is necessary to find out whether:
  •  Government action was effective; If it was, whether it had the expected magnitude and/or direction 
  • Positively established facts help in defining normative prescriptions!
Q:

​​​​​Treatment group

A:

The group of individuals that are subject to the intervention(government program) being studied

Q:

Correlation definition

A:

A measure of the extent to which two events move together

Q:

Control group

A:

The comparison group of individuals who are not subject to the intervention being studied


Q:

Econometric analysis

A:

the application of statistical tools to economic data

Q:

experimental study

A:

An empirical study in which individuals are randomly assigned to the treatment and control group

Q:

Utility function is denoted as

A:

u = u(X), where X = (x1, x2, . . . , xn) is the consumption basket 

Usually required to be twice differentiable, with: 

∂u/ ∂xi ≥ 0, ∂ 2u /∂x 2 i ≤ 0

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