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PHIL 224 (37)

Oct 1st, 2012

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PHIL 224
Heather Douglas

Economic Approach Agents:  We are Consumers o (People’s wants cannot be changed – should be protecting your preferences) o Some bundle of wants, desires, preferences Value:  Market Prices o How do we know how much something is worth?  How much are people willing to pay for it?  Based on actual data – not survey o If nobody buys/sells it – how do you know how much it’s worth?  Ex: Quiet – nobody can buy/sell it  You would know by comparing Bundled Goods o Compare prices of loud neighborhoods vs. quiet neighborhoods o Who would like near an airport?  People working at an airport – close in distance to work  People who are deaf – can’t hear the noise (“least sensitive”)  Bundled Goods Problem o Like with like comparisons o Other factors driving decisions – desperation for example o Least sensitive setting the price (their decision is obscured) o Gaining vs. Giving up  Different expected value of gaining VS giving up.  Some items don’t get traded at all o How do we assess that? No bundled goods…  What about bundled goods with lives?  How do we assess the value
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