1) Background explaining your relative’s decision and giving it context with at least three external (non-class) sources.
2) A descriiption of the model(s) you choose, including the variables, assumptions, and conclusions of the standard model. Again, these are theoretical
(some might say analytical) models, not empirical models.
3) An application of the model(s) to your relative’s specific case. What model variables do you believe were significant in determining your relative’s
decisions? Put another way, did some factor in your relative’s life vary from the norm, and did that lead to your relative making a decision that was different
from the average decision at that time?
4) Limitations of the model in explaining your relative’s choices. What important factors should be in the model but aren’t? Or does the model not seem to
reflect the decision you are describing?
*I have already finish the background part (question 1) and need you to write the rest of them.
Suggested paper outline (all pages are approximate)
1) Background (~1 page) – Info on your relative and their decision, and some facts that give their decision context. (e.g. Did they more or fewer than the
average number of children for women/families of their generation? Look for some original data to inform your paper – this is what I mean by “primary
sources” by the way.)
2) Model (~1-2 pages) – Introduce and discuss the model(s) you use to describe your relative’s decision. What does the model try to explain? What are the
variables? What are the assumptions? What is the final conclusion of the model? (Please don’t write out every line of the model derivation here. You really
only need to write the important predictive part of the model: e.g. n=….)
3) Application of the model (~1 page) – Apply the model to your relative’s life. What aspects of your relative’s live can you map to the model’s variables? Now
use this analysis to explain the decision your relative made in economic terms.
4) Discussion, limitations and conclusion (~1 page) – How well does the model do what you hoped? What are the limitations of the model and its application
to your relative’s choices? Are the assumptions of the model appropriate for this situation? How might you change them to better explain the decision?
*I have attached a note, the background information I wrote, lecture slides, descriiption of models, and potential references I found to write this paper. Again,
I've wrote the 1)background part, please read it and write after this! The file name is "ECON ESSAY)
Sample Solution