You are a hotel manager and you are considering four projects that yield different payoffs, depending upon whether there is an economic boom or a recession. The potential payoffs and corresponding payoffs are summarized in the following table.  ProjectBoom (50%)Recession (50%)A$20-$10B-$10$20C$30-$30D$50$50Which project yields the greatest return, regardless of whether a boom or a recession occurs?

What are the main differences between neoclassical economics and behavioral economics?

a. Neoclassical economics is mainly theoretical. b. Behavioral economics does not take as given that decision makers are rational. c. Neoclassical economics assumes that decision makers are fully informed. d. All of the above.

National defense is considered a public good because there appears to be no limits to the nonrivalry-in-consumption characteristic, and exclusion of nonpayers is impossible. Are there any other goods that so perfectly meet both public goods criteria?