Economics of Financial Crises

Learning Goal: I’m working on a economics project and need support to help me learn.

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this is an econometrics simulation paper.

Which requires Excel VBA similation, or if you want to use Python will be fine.

Instruction and the reading recommended are attached.

Basically, just a clue,

“For example, I have looked for two years of small business employee data here, and compare it to define how many employees and how many taxes are on the verge of bankruptcy or how often bankruptcy takes place on average.”

Econ 4373-1: Economics of Financial Crises
Homework assignment 1
The due date is October 17, 2021. To receive credit, answers must be prepared in the
form of a PDF report of at most 5 pages, 10-12 point font, e-mailed to me
Reports that do not satisfy these conditions will not be considered.
Please attach the spreadsheet file or the code that you used to make your calculations, but
treat it as reference. Do not assume I will be going over it, the report should be self-contained.
Think of this assignment as practice for creating professional reports in your future job. Put
some effort into writing and editing it nicely. In particular, grammar and spelling errors will
be penalized. Make sure your graphs are legible and clearly labeled.
Consider a population of entrepreneurs whose skill at running a business is measured by
the probability of causing the firm to close down. Suppose there are 3 types of skill: high,
medium, and low and assume that the medium type has a probability of failing equal to the
population-wide average, while this probability for the high and low types are 50% lower
and higher, respectively. At birth, individuals draw one of the skill types from a uniform
distribution (i.e. 1/3,
1/3,
1/3), but they do not observe it and they cannot change it. Instead,
they learn about it over time by observing their own path of business successes and failures.
Assume that entrepreneurs are “born” at the age of 25, they “die” at the age of 65, and after
every bankruptcy they “restart” with another firm.

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