Economics, Law and Ethics Past Paper

Economics

Classical Economics

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Welfare Economics

Utilitarian welfare and Rawlsian welfare

• y2020p7q3(b)
• y2007p3q1(a)
  • first and second theorems (assumptions)

Information goods and services

Competition and information

• y2023p7q4 (b)
  • switching platform
• y2016p4q7 (a,b)
  • comparison
• y2022p7q2
  • fixed and marginal costs (capacity constraints)
  • lock-in, cost of switching; network effects
  • discussion on price discrimination
• y2009p3q5
  • essay on credit crunch

Market Failure

The business cycle, recession and technology, trade, public and club goods

• y2012p4q7 (a,b)
  • Asymmetric Information
    • before the deal, adverse selection (hidden information)
    • after the deal, moral hazard (hidden action)
• y2008p6q1
  • Monopolism, collusion and price fixing
• y2007p3q1(b)
  • 3 ways and c.f. information goods and services

Behaviour Economics

Cultural biases, nudge theory, agency effects

• y2022p7q3 (a)
  • bounded rationality, hyperbolic discounting

Auction Theory

Strategic/Revenue Equivalence, limitations

• y2019p7q2
  • Dutch ↓ / 1st-price sealed-bid, English ↑ / 2nd-price sealed-bid, All-pay
  • advertisement (2-nd -> revenue, click-through %)
  • (auction limitation) bidding rings, game theory
• y2011p4q7

Game Theory

cooperation or conflict/defect, strategies, broader implications

• y2019p7q2 (d)
  • (auction limitation) bidding rings
  • prisoner’s dilemma, with dominant strategy equilibrium (payoff-dominant)
    • stag hut, with nash equilibrium (risk-dominant), mutual trust
  • tit-for-tat strategy in iterative/repeated games
    • Chicken -> Hawk-dove
• y2010p4q8 (a)
  • strategic form / payoff matriax, equilibrium
• y2010p4q8 (b), y2023p7q4 (a)
  • Hawk–dove, aggressive behaviour
• y2004p4q2

Law

Criminal Law

• Computer Evidence, Electronics Communication Act 2000 (e-signatures)
• Computer Misuse Act 1990, Investigatory Power Act 2016

Civil Law [Contract/Arbitration, Tort (negligence, defamation, IPRs)]

• Consumer Right Act, GDPR, Privacy & Electronic Communications Regulations, E-Commerce regulation.

Past paper

• y2006p4q1
  • Contract
• y2019p7q3, y2013p4q7
  • Computer Misuse Act
• y2022p7q3 (b)
  • Investigatory Powers Act 2016
  • Ethical philosophies discussion

Ethics / Philosophy

Philosophy: Metaphysics, Epistemology, Political, Logic, Aesthetics, Ethics.

Ethical Philosophies: Authority, Intuitionist, Egoist, Consequentialism, Rawlsian / Deontology.

• y2015p4q7
• y2023p7q3
  • consequentialism, issues

Mixed

Economic, legal and ethical considerations

• y2017p4q7
• y2020p7q2, y2021p7q2, y2021p7q3
  • Recession, GDPR
• y2020p7q3(c)
  • Pareto, Privacy