a) Are data on GDP per capita reliable in measuring the welfare of citizens in a...
a) Are data on GDP per capita reliable in measuring the welfare of citizens in a country?
b) How useful are experimental data, such as that collected from games such as the Ultimatum game, in understanding the behaviour and preferences of people in an economy?
(7 marks)
Homework Answers
Solution A
GDP per Capita is not reliable means because it exckudes all sorts of revenues earned from illegal activities like drug trafficking, theft, fraud, gambling. Also it leaves out unpaid and discouraged workers. Secondly it doesn't account for any kind of volunteering work.
Solution B
Experimental data gives goof insights about players style and preferences of features. It also helps understand customer psyche and insights on his behaviour by the moves he makes in the game. Also such games do get access of customer phonebook records which cokes in handy for future purposes.
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