Bounded Rationality - Information Systems Department
... to implement perfectly (but car dealers and some professionals come close). Price discrimination won’t work if you cannot control three things: Preference profiles Personalized billing; (anonymous transactions lesson seller’s discriminatory power over consumers) Consumer arbitrage ...
... to implement perfectly (but car dealers and some professionals come close). Price discrimination won’t work if you cannot control three things: Preference profiles Personalized billing; (anonymous transactions lesson seller’s discriminatory power over consumers) Consumer arbitrage ...
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... the public budget and welfare programs which are systematically means-tested and targeted towards lowincome groups. The continental European welfare states come in different varieties, but scholars often group them into two broad categories, although no individual country falls squarely into any of ...
... the public budget and welfare programs which are systematically means-tested and targeted towards lowincome groups. The continental European welfare states come in different varieties, but scholars often group them into two broad categories, although no individual country falls squarely into any of ...
Indifference Curve
... In fig.,suppose AB is the initial price line touches at T.It is the equilibrium point of the consumer . Here, the consumer buys Om quantity of commodity X and On quantity of commodity Now suppose price of Y commodity increases and that of commodity X decreases. The difference between the relative pr ...
... In fig.,suppose AB is the initial price line touches at T.It is the equilibrium point of the consumer . Here, the consumer buys Om quantity of commodity X and On quantity of commodity Now suppose price of Y commodity increases and that of commodity X decreases. The difference between the relative pr ...
slides - Editorial Express
... – how do social and moral values influence economic behavior; – how does social interaction affect economic outcomes; – what are the ethical implications of economic theory and policy; – how do different social institutions contribute to a sustainable, just, and efficient economy • Production (but: ...
... – how do social and moral values influence economic behavior; – how does social interaction affect economic outcomes; – what are the ethical implications of economic theory and policy; – how do different social institutions contribute to a sustainable, just, and efficient economy • Production (but: ...
Government discounting controversies: changing prices, opportunity costs and systematic risk: Working Paper 67 (318 kB) (opens in new window)
... individual’s health state. So the real monetary value of the QALY increases over time, as per capita incomes grow. The argument for therefore discounting QALYs at a lower rate than financial costs has been well set out in the literature (Parsonage and Neuburger, 1992; Jones-Lee and Loomes, 1995; Gra ...
... individual’s health state. So the real monetary value of the QALY increases over time, as per capita incomes grow. The argument for therefore discounting QALYs at a lower rate than financial costs has been well set out in the literature (Parsonage and Neuburger, 1992; Jones-Lee and Loomes, 1995; Gra ...
Price Discrimination
... Types of Price discrimination • First Degree Price Discrimination Occurs when the seller is able to extract from the purchaser the highest price the purchaser is prepared to pay rather than doing without the good/service. »Where might this happen??? ...
... Types of Price discrimination • First Degree Price Discrimination Occurs when the seller is able to extract from the purchaser the highest price the purchaser is prepared to pay rather than doing without the good/service. »Where might this happen??? ...
Microeconomics
Microeconomics (from Greek prefix mikro- meaning ""small"") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Typically, it applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.This is in contrast to macroeconomics, which involves the ""sum total of economic activity, dealing with the issues of growth, inflation, and unemployment."" Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations'—i.e. based upon basic assumptions about micro-level behavior.One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics also analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system.