Discuss the utility theory and its assumptions.
Assignment: The trade game is a way of examining how economic trading of resources affects individual utility. Imagine the economy consists of the following resources (denoted by colored slips of paper):
- The objective of the game is to maximize your gains in utility.
- Define A Utility Function for Yourself
U = f (White, Purple, Brown, Orange, Blue, Gray, Green, Yellow, Gold)
You are handed an assortment of resources
Measure your utility
Trade with others within your family or friends (15 minutes). Record your trades.
At the end of the trading period measure your utility again. Compute your absolute and percentage increase.
Record scores on a sheet of paper. Discuss if there is a better way to allocate resources?
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