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By Nelson Brian

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__ , '. -~ . e. in a perfectly free market. teria specified in the standards, I II ========Economics II consumer surplus I contractionary7=ry""P""OI""ic""'=======,,,,3=5 ~ • contingent valuations • consumer surplus the difference between what a ; the use of questionnaires about person would be willing to pay : valuation, to estimate the willand what he actually ha,s to pay ~ ingness of respondents to pay for buying a certain amount of I for public projects. a good. I • contract curve • consumption the same as the Pareto set, with the implication that it is drawn the individuals and corporations which buy products and ser- I in an Edgeworth box.

P4' p"" ....... 4Dmctflc _ _ldpm:coJGUtpul. -dullc luputr II """nclt,,: oDd -td pnM' , .. ~. t,........ "lIIi"'lbyp.. etlll,n,h"lltpUlClldficwnti " ,cctn'dy. :!!!. Pw·C... I I = ~,: ~{J_~. l'~a, - effective tariff effective rate of protection. I - efficient allocation an allocation where it is impossible unambiguously to improve upon, in the sense of producing more of one good without producing less of another. - efficient market a market in which, at a minimum, current price changes are independent of past price changes or, more strongly, price reflects all (publicly) available information.

So do holders of assets and liabilities denominated in for- I II =======Eeonomics II exogenous varillble I export bias 59 *================ • exogenous variable a variable which is taken as given by an economic model. It therefore is subject to direct manipulation by the modeller. In most models, policy variables such as tariffs and par values of pegged exchange rates are exogenous. ~ ; : ~ ; : ~ ~ ; • expectation the expectation of a variable is the same as its expected value I and is also used with both ; meanings.

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