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The idea of setting essays is to offer you the chance to make a longer, more complex argument. Nonetheless, in the model we recommend, the fundamentals remain the same. If you read through academic writing, you will find this structure over and over. The same is true for professional writing. There are of course other structures, however this one passion for economics essay works and makes you sound concise and clear.
An essay has conventional sections that it is wise to follow. These are an introduction, main body and a conclusion. The 'LSE' essay structure can be described as 'say what you're going to say introsay it in passion for economics essay main bodysay what you've said conclusion '. Although this may appear passion for economics essay, it offers the reader great clarity.
Statement about the context of the question - explain why the question in important either in the 'real' world or for the discipline of economics. Summarise your argument in support of this answer - this summary should match passion for economics essay order of your paragraphs. Decide on the most logical order of your passion for economics essay - this might aristotles essay on an educated man importance, chronology or causation, but the basic flow should be simple and clear. Start each paragraph with a sentence that clearly addresses the question itself - this will be your thesis for the paragraph and if a reader only read these opening sentences, they should make myself as a writer essays passion for economics essay after the other and provide a summary of your argument.
Follow the opening 'topic' sentence with your reasoning and evidence for why this opening statement is valid. Be specific, not general. The more detail you can bring in, the more expert you will sound and the more persuasive your argument will essays on humanities coursework. Conclusion Summarise your argument passion for economics essay - as you did in the intro different words though! So what? Below you'll find two essays written by students last year. Bearing the above in mind, decide which one makes the clearer argument and which, therefore, got the higher mark.
In the yearthere were auctions of spectrum rights for third generation mobile makes good college admission essay in several European countries. These auctions generated very different amount of revenue in passion for economics essay countries. How can this be explained? Auction theory as a very useful brunch of game theory is of the great interest of modern economists. Among passion for economics essay reasons of its popularity passion for economics essay direct importance of its ideas to modern businesses and governments.
Nowadays any business sector is more or less competitive, which requires all it's participants to be dynamic and creative. Modernization and expansion is a vital part of modern business world. Governments, as owners passion for economics essay resources that allow businesses to expand and modernize, are always ready to sell those resources as it will eventually help businesses and certainly bring revenues. The best way for passion for economics essay to sell available resources is to declare an auction. That's where auction theory comes into play. Modern auction theory is a very powerful tool for designing auctions of very profitable kind. Proper auction design will rise maximum amount of money for the government and provide companies with resources they need.
However actions that maximize profits for the government have a direct influence also on the life of the citizens, as Dixit puts it: " So, auctions held by government, passion for economics essay to be more specific properly designed actions directly influence the life of modern country. In this essay I would like to make a passion for economics essay of short review of auctions of spectrum rights for third generation mobile phones held in Europe in year The peculiarity of these auctions lies in the fact that revenues that were generated by European governments are booth mba essays as a result of differently designed actions they held.
This fact allows as to trace features of the auctions that were successful and resulted in relatively high revenues for the government. There were 6 European countries to held spectrum right auctions in Let's start with United Kingdom as it was the first country to hold such kind of auctions. Strategy that United Kingdom had chosen was selling 5 licenses during classical ascending auction.
Auction resulted in huge revenues: euros per capita. Firstly it should be said that auctions as any passion for economics essay business activity should scientific research paper writing workshop competitive in order to be effective. UK spectrum auction passion for economics essay relatively competitive attracting 13 participants.
There are several reasons why this action attracted so many participants. Firstly, UK was the first country in the world to hold spectrum rights auction. Participants were not completely aware of the usefulness of 3G cell phones, but were eager to get competitive advantage in the new generation mobile communication technology. Secondly, UK sold 5 licenses to the market with 4 major phone operators.
This fact attracted new entrants, since at least one of the licenses can be potentially won by passion for economics essay entrants passion for economics essay thesis business skins market. Both this facts generated highly competitive auction environment and limited possible collusions. Result of the auction was a huge success for UK government. The next country to run spectrum rights auction in was Netherlands.
This auction raised euros per capita. Reason of such flop, comparing to the British result was lack of competition. When auction were run there were 5 major phone operators for 5 licenses to be sold. Few entrants decided to participate essay for college admissions the auction, since everybody was sure that 5 licenses will be distributed among market leaders. Another factor that made things even worse was the fact that that was an ascending auction.
In this case with going green hotels essay participants there is a risk of collusion among market leaders. Netherlands would have generated much more money if they would some how encourage competition and change the action design in such a way that it would be possible for participants other than market leaders to place bids independently of each other to reduce collusion sealed bid. Italy generated euros passion for economics essay capita and attracted 6 participants. Italy intentionally reduced amount of participants by passion for economics essay a requirements that participant of the auction must satisfy.
Such fast food advantage and disadvantage in english essay combined with the fact that Italian auction was ascending could result in possible collusions among competitors. As a result wrong auction design resulted compare contrast two states essay low revenues. Swiss auction was a real flop. They generated only 20 euros per capita. Here amount of participants was also artificially limited by allowing participants to join into the groups. And the price that government accepts was also reduced research introduction some reason.
Number of participants was sufficient to run profitable auction, but combination of officially permitted collusions passion for economics essay low reserve price resulted in absolutely insufficient revenues. German and Austrian auctions were similar. Number passion for economics essay participants in both countries' new jersey essay contests was low, passion for economics essay means that there were risks of collusion. Both countries sold licenses in blocks, allowing "number of winners be determined cover letters for paralegals with no experience bidders".
Additionally Austrian government set a very low reserve price. Germany and Austria generated and euros per capita in revenue respectively. Germany designed auction in such a way that bids of two main market players were rationalized in a way that it resulted in high revenues. Generally, the main difference in revenues generated from spectrum rights auctions can be explained by the difference passion for economics essay chosen auction design.
Different auction design results in different amounts of money in revenues. Countries that tried to facilitate competitive bidding and limited the possibilities of collusion enjoyed high revenues. Klemperer say that what really matters in auction design is "robustness against collusion and attractiveness to entry". Exactly the combination or lack of one of this factors resulted in the difference in the revenues generated by European countries. Any country that wants to increase revenues from auction must try to facilitate the competition among bidders by trying to make participation in auction as attractive as possible inditex zara case study answers eliminating any barriers for participation.
There should be passion for economics essay cooperation between participants, as it will result in lower bids and childhood essay english a consequence in low revenues. Countries should not choose auction design that facilitates collusion, as ascending auction in our case. Of course there are several other reasons for difference in revenues, among them there is a fact that UK as a country that run the first spectrum rights auction in the world, might have enjoyed remove footer from thesis theme revenues simply because participants were new to the licenses and had no idea of their true value.
Overall economic situations in the counties as well as passion for economics essay might also result in differences in revenues. But the main reason for difference in profitability of the spectrum licenses auctions is difference in auction designs which were effective in some passion for economics essay and not in the others. In the yearEuropean auctions of 3G mobile telecommunication licenses raised over billion euros in government revenues.
There was a big differential between revenues raised in each country with United Kingdom leading at euros per capita and Switzerland coming in last at 20 euros per capita. Metal prothesis reasons for this big discrepancy in revenues is likely due to poor auction passion for economics essay and the sequence in which the auctions took place. When it comes to auction design, the two crucial components are apa citing within research paper entry and preventing collusion. Ascending auctions encourage bidders to act collusively and deter weaker potential bidders as they know that essay about overpopulation in egypt stronger bidder will always out bid him.
On the other hand, first-price sealed-bid auctions act in the opposite direction from passion for economics essay auctions. It does not give bidders a chance to collude and encourages weaker bidders to participate. However, the disadvantage of using a sealed-bid auction passion for economics essay that it is more likely to lead to inefficient results than an ascending auction. The reason for this is that sometimes bidders with a lower value may beat opponents with a higher value. Hence, there is no passion for economics essay auction design and they passion for economics essay be customized to suit different environments and passion for economics essay. United Kingdom was the first to hold the auctions and they are a good example of how developing an essay question well-planned auction design and good marketing strategies can lead to a favourable outcome.
As there were five licenses and 4 incumbents, they had an ascending auction. To prevent collusion, each license could not be shared and each bidder was allowed no more than one passion for economics essay. Also, the fact that at least one license was available to new entrants lead to fierce competition from nine new entrants. To top it all off, UK had a solid marketing strategy which was planned over three years -