statistics-lab™ 为您的留学生涯保驾护航 在代写微观经济学Microeconomics方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写微观经济学Microeconomics代写方面经验极为丰富，各种代写微观经济学Microeconomics相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

Many economists now believe that the competitive labour market model is not an appropriate default model. Like Alan Manning of the London School of Economics, they think that a version of the monopsony model should be central to the study of labour markets, even where there are many small firms. ${ }^{38}$

A central problem with the textbook competitive model is that it omits critical features of the labour market, including employers’ market power. Did you notice in Figure $8.1$ that if a competitive firm reduces its wages by one cent below the equilibrium wage, its entire workforce would quit and instantly get a job somewhere else at the equilibrium wage? From the firm’s point of view, if workers leave (to take care of children, to retire, etc.), the firm can instantly and costlessly replace them. The employer-employee relationship is symmetric, with neither being more powerful than the other. Each has the equivalent power to terminate the relationship and instantly find another job or another worker. Such a depiction is completely implausible as a description of the actual labour market.

In general, if a firm reduced its wages, it would not immediately lose all its workers. As Manning says, a firm ‘may find that workers quit at a faster rate than before or that recruitment is more difficult, but the extreme predictions of the competitive model do not hold’.39 Why don’t all the workers quit immediately? It’s because of what are called ‘frictions’ in the market. For example, when information is not free it takes time and resources to find a new job and taking such a job might entail moving home or increased costs of commuting. Other frictions include personal preferences (such as strongly preferring a certain type of work or attachment to one’s coworkers), and the firm-specific training and skills that a worker may have. As Manning explains: ‘The existence of frictions gives employers potential market power over their workers. The assumption that firms set wages means that they actually exercise this power. ${ }^{9} 40$

## 经济代写|微观经济学代写Microeconomics代考|Does the marginal productivity theory help to legitimize actual factor prices?

Many critics of neoclassical economics accuse the marginal productivity theory of doing precisely that: legitimizing existing payments to the owners of factors of production. 57 If these factor payments can somehow be rationalized as legitimate or fair, it would be an important step towards justifying the fairness of the distribution of households’ market incomes.
A theory might legitimize an outcome, like a market price, in three ways. It might make the outcome seem: (1) fair; (2) unavoidable; or (3) socially beneficial, or some combination of the three.

The modern marginal productivity theory originated in the late nineteenth century in the work of the American economist John Bates Clark. Clark explicitly argued that having rewards determined by marginal contribution to output was fair because ‘what a social class gets is, under natural law, what it contributes to the general output of industry’. ${ }^{B}$ It was unavoidable because competition ensures that if an employer tried to pay a worker less than her marginal product, other employers would offer more, bidding her wages up. It also seems (at least at first glance) to be socially beneficial. Given the assumption of competitive markets and no

market failures, it allocates society’s scarce resources in the most efficient way. Competition also ensures that no market power is exerted by either party in the transaction. Clark’s claim came at a politically convenient time because socialists, inspired by the writings of Karl Marx and other critics of capitalism, were arguing that workers were being systematically exploited.
It’s worth noting that Clark’s theory only applies to the long run of perfectly competitive markets with perfect foresight and perfect mobility of factors. So, as factor markets are continually being disturbed by shifts in demand and supply, at best actual prices would be moving towards that equilibrium. Given this, Mark Blaug comments on Clark’s claim, writing: ‘It would be less misleading to say the very opposite: marginal productivity theory shows us that market results are by no means “fair” or “equitable”. “59
In Clark’s theory, reproduced in today’s textbooks, if more labour is employed with a given amount of capital, its marginal productivity is lower because capital per worker is less. Similarly, if there is less labour, its marginal productivity is higher. Blaug remarks that ‘the greater productivity of fewer workers may just as well be attributed to capital…. There is no such thing as a specific marginal product of a factor considered in isolation: the factors of production are essentially complements and the marginal product of one factor is a consequence of the marginal product of the other factors’ (our emphasis). This “destroys the idea that a wage in accordance with the marginal productivity of labour is a “just wage”. $e^{160}$

## 经济代写|微观经济学代写Microeconomics代考|CEO and Management Compensation

In an article for Forbes magazine, Adam Hartung sought to explain why CEOs of large American corporations with publicly traded stock make so much money. He wrote, ‘Honestly, if you could set your own pay what would it be? I reckon most folks would take as much as they could get.” ${ }^{69}$ CEO pay is actually determined in a more subtle way, as Hartung and others explain, but the end result is not that much different than this. We

conclude this Anti-Text part of the chapter by looking at the compensation of senior corporate executives because it acts as a useful case study of the shortcomings of the marginal productivity theory.

Let’s start with a quick look at the facts. Figure $8.6$ shows two different measures of CEO compensation for the largest 350 publicly owned US companies, ranked by the value of their sales. $7^{70}$ These compare annual average payouts to these CEOs with the typical worker’s average earnings in the key industry of the firms in the sample. The measures differ in the way they value stock options.

Stock options give the holder the right to buy company stock in the future, generally at prices prevailing when the options are granted. A “fair value” of the option can be estimated and used to value it at that time. ${ }^{71}$ An alternative valuation records their “realized’ value when the options are exercised and the money received.

The increasing use of stock options arose, in part, from developments in economic theory to address a principal-agent problem (discussed in Chapter 5). In this case, there are two principal-agent relationships: (i) between stockholders as principals and their agents, the Board of Directors, who are to act in stockholders’ interests and (ii) between the Board of Directors (now the principals) and their agents, the senior executives of the corporation. In both cases asymmetric information makes it difficult for the principals to monitor their agents.

## 有限元方法代写

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。