Lee, Georgallis & Struben, 2022 - Market Uncertainty

5 important questions on Lee, Georgallis & Struben, 2022 - Market Uncertainty

What makes consumer preferences unpredictable?

Unclear whether consumers are willing to switch to alternative products, sustainable products which could be enough reason. Or habits for example.

What is supply uncertainty?

Absence/unpredictability of producers or ways to produce and supply a good or service.

What can be reasons for a supply uncertainty?

Might be because we do not have the technology yet or because it is unclear which technology will prevail in a particular setting.
  • Higher grades + faster learning
  • Never study anything twice
  • 100% sure, 100% understanding
Discover Study Smart

What is a Collective action problem? (think of the problem with the trash in the student housing.

Suppose each member of a group has a choice between engaging in an activity and not engaging in it. The group has a collective action problem if it is better for all if some do it than if nobody does, but better for each not to do it.

How do the Tragedy of the Commons and the Collective Action Problem, relate to each other?

They are mirror images of one another.

The question on the page originate from the summary of the following study material:

  • A unique study and practice tool
  • Never study anything twice again
  • Get the grades you hope for
  • 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.
Trustpilot Logo