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HEDONIC PRICE: The notion that the price of good is based on an assortment of characteristics that are both intrinsic to the good itself and external to the good. Hedonic pricing is commonly applied to the housing market in which the price of housing is based on the physical characteristics of the house (size, appearance, features) and the surrounding neighborhood (accessibility to schools and shopping, quality of other houses, availability of public services). Estimating hedonic prices makes it possible to identify the extent to which specific factors affect the price.

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Lesson 2: Economic Science | Unit 3: Verification Page: 11 of 20

Topic: Evaluation: Don't Agree <=PAGE BACK | PAGE NEXT=>

The data and hypothesis don't agree.
  • While we can never absolutely prove a universal positive, we can disprove it, we can reject it as false.
  • Rejecting an hypothesis can be as useful and as informative than accepting it. We know something that is NOT true.
  • If an hypothesis is wrong, then maybe the theory is wrong. Maybe the previously verified principles, unverifiable world axioms are wrong. Maybe the specific test was bad.
  • Whether an hypothesis is accepted or rejected, the recommendation is to do another test and another
Remember science is a process, not a subject.

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ASYMMETRIC INFORMATION

Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for malfunctioning pocket calculators.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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