Class Notes (834,735)
Canada (508,704)
Philosophy (272)
PHIL 224 (37)
Lecture

Oct 1st, 2012

3 Pages
97 Views
Unlock Document

Department
Philosophy
Course
PHIL 224
Professor
Heather Douglas
Semester
Fall

Description
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
More Less

Related notes for PHIL 224

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit