Welfare-increasing third-degree price discrimination
... are log-convex, so a market with a higher value of ai has a lower monopoly price. An example is demand derived from the Pareto distribution. Output is higher with discrimination for a very large set of standard demand functions (though not for all). In an in‡uential article Varian (1985) derived upp ...
... are log-convex, so a market with a higher value of ai has a lower monopoly price. An example is demand derived from the Pareto distribution. Output is higher with discrimination for a very large set of standard demand functions (though not for all). In an in‡uential article Varian (1985) derived upp ...
The Evaluation of Post-Keynesian Economics
... again, with the increase in AD having only raised Ps and Ws (Friedman 1977; further explained in Blaug ...
... again, with the increase in AD having only raised Ps and Ws (Friedman 1977; further explained in Blaug ...
Civilizing markets: Carbon trading between in vitro and in
... by industrial companies like BP, or national governments, as in the UK, Norway and Japan. Significantly, all these sites, whether in vivo (universities) or in vitro (firms, nations, trans-national institutions), explicitly refer to one another. Interactions have been and are still organized, with ca ...
... by industrial companies like BP, or national governments, as in the UK, Norway and Japan. Significantly, all these sites, whether in vivo (universities) or in vitro (firms, nations, trans-national institutions), explicitly refer to one another. Interactions have been and are still organized, with ca ...
No Slide Title
... The opportunity cost of any activity is what we give up when we make a choice.In other words,it is the loss of the opportunity to pursue the most attractive alternative given the same time and resources. A production possibility curve shows the maximum output of two goods or services that can be pro ...
... The opportunity cost of any activity is what we give up when we make a choice.In other words,it is the loss of the opportunity to pursue the most attractive alternative given the same time and resources. A production possibility curve shows the maximum output of two goods or services that can be pro ...
PDF
... which has a negative effect on indirect utility. The increase in r will also bid up the price of y, since y and x must be substitutes in a two-good model. Therefore, the price effect of a tax increase is negative. The effect of a tax increase on laborers' disposable income depends on the magnitudes ...
... which has a negative effect on indirect utility. The increase in r will also bid up the price of y, since y and x must be substitutes in a two-good model. Therefore, the price effect of a tax increase is negative. The effect of a tax increase on laborers' disposable income depends on the magnitudes ...
Untitled - Cengage
... cameras, and dining out) is reduced. Resources that are thereby diverted from private use are purchased or otherwise obtained by government. Taxes also have indirect costs because they distort choices. Taxes affect prices of goods and services and the incentive to work, save, and allocate expenditur ...
... cameras, and dining out) is reduced. Resources that are thereby diverted from private use are purchased or otherwise obtained by government. Taxes also have indirect costs because they distort choices. Taxes affect prices of goods and services and the incentive to work, save, and allocate expenditur ...
Prof. Dr. Mükerrem Hiç Dr. Özlen Hiç
... argued but long lived (Branson 1989). Friedman's AEH had led to a family of Short Run Phillips Curves (PCs) and a perpendicular Long Run Phillips Curve (LRPC) at the NRU, implying that the economy would always come to equilibrium at NRU due to AEH. Keynesians also accepted the presence of a family o ...
... argued but long lived (Branson 1989). Friedman's AEH had led to a family of Short Run Phillips Curves (PCs) and a perpendicular Long Run Phillips Curve (LRPC) at the NRU, implying that the economy would always come to equilibrium at NRU due to AEH. Keynesians also accepted the presence of a family o ...
Analysing Discontinuous Innovation
... two distinct means of transporting goods and people. The former were wheeled and freely steerable on any surface hard enough for the wheels to turn without a resistance greater than the power of their locomotive force, typically a team of two, four or six horses. Mail coaches were an incremental tec ...
... two distinct means of transporting goods and people. The former were wheeled and freely steerable on any surface hard enough for the wheels to turn without a resistance greater than the power of their locomotive force, typically a team of two, four or six horses. Mail coaches were an incremental tec ...
Slides - Competition Policy International
... blink of an eye; like deciding which way to move when two people are walking into each other on the sidewalk. OR • Dynamic–firms move sequentially like in chess; models must assume who goes first. ...
... blink of an eye; like deciding which way to move when two people are walking into each other on the sidewalk. OR • Dynamic–firms move sequentially like in chess; models must assume who goes first. ...
increasing the firm efficiency using transaction cost economics
... respective products. That’s why O. E. Williamson emphasizes that the transaction costs are lower than management costs for the generally usage assets, and higher for the specialized ones. 3. Governance inseparability – a influencing factor in governance choice N. S. Argyres and J. P. Liebeskind [19 ...
... respective products. That’s why O. E. Williamson emphasizes that the transaction costs are lower than management costs for the generally usage assets, and higher for the specialized ones. 3. Governance inseparability – a influencing factor in governance choice N. S. Argyres and J. P. Liebeskind [19 ...
The Market for Illegal Goods
... Section 3 formalizes that analysis systematically, and incorporates expenditures by illegal suppliers to avoid detection and punishment. It also derives optimal public expenditures on apprehension and conviction of illegal suppliers by assuming the government maximizes a welfare function that takes ...
... Section 3 formalizes that analysis systematically, and incorporates expenditures by illegal suppliers to avoid detection and punishment. It also derives optimal public expenditures on apprehension and conviction of illegal suppliers by assuming the government maximizes a welfare function that takes ...
The Market for Illegal Goods: The Case of Drugs Gary S. Becker and
... In an influential article, Weitzman (1974) argues that reducing the consumption of goods either by taxing production with excise taxes or by restricting quantities gives basically equivalent results. However, he ignores the costs involved in enforcing taxes and quantity reductions. Glaeser and Shlei ...
... In an influential article, Weitzman (1974) argues that reducing the consumption of goods either by taxing production with excise taxes or by restricting quantities gives basically equivalent results. However, he ignores the costs involved in enforcing taxes and quantity reductions. Glaeser and Shlei ...
Keynes as a Conservative - Intercollegiate Studies Institute
... and that he urged that its avoidance be made a primary objective of public policy.. . . Nor would he have had anything but scorn for modern Keynesian policies designed to trade off higher inflation for lower unemployment. His insistence on the primacy of the goal of absolute price stability would ha ...
... and that he urged that its avoidance be made a primary objective of public policy.. . . Nor would he have had anything but scorn for modern Keynesian policies designed to trade off higher inflation for lower unemployment. His insistence on the primacy of the goal of absolute price stability would ha ...
Schumpeter and the Evolutionary Economics: Three Conceptual
... stands at the center of heated controversies, both in natural and social sciences, economics being no exception. This is quite natural because Darwinism suggests an overall evolutionary approach, a full-blown scientific paradigm, so important that it should not be limited to biology only (Hodgson 20 ...
... stands at the center of heated controversies, both in natural and social sciences, economics being no exception. This is quite natural because Darwinism suggests an overall evolutionary approach, a full-blown scientific paradigm, so important that it should not be limited to biology only (Hodgson 20 ...
perfectly competitive firm`s supply curve
... Firms in the industry have no advantage over potential new entrants (no barriers to entry) Firms and buyers are well informed about the prices of the products of each firm in the industry ...
... Firms in the industry have no advantage over potential new entrants (no barriers to entry) Firms and buyers are well informed about the prices of the products of each firm in the industry ...
Reconciling the invisible hand and innovation
... essence, the theorem states that a free-market economy implies economic efficiency. The intuition behind the axiomatic proof this theorem is that the free interaction of utilitymaximizing buyers and profit-maximizing sellers ends up producing efficiency. In particular, this happens because the price ...
... essence, the theorem states that a free-market economy implies economic efficiency. The intuition behind the axiomatic proof this theorem is that the free interaction of utilitymaximizing buyers and profit-maximizing sellers ends up producing efficiency. In particular, this happens because the price ...
A Modern Reader in Institutional and Evolutionary Economics : Key
... Niels G. Noorderhaven is Professor of International Management at Tilburg University, the Netherlands (since 1997) and Associate Dean Educational Programmes (since 1999). He was Director of the Institute for Research on Intercultural Cooperation (IRIC) until March 2000 and is now associated with the ...
... Niels G. Noorderhaven is Professor of International Management at Tilburg University, the Netherlands (since 1997) and Associate Dean Educational Programmes (since 1999). He was Director of the Institute for Research on Intercultural Cooperation (IRIC) until March 2000 and is now associated with the ...
Income Distribution and Price Controls: Targeting a Social Safety
... to pay low nominal prices and queue in the state sector. The targeting of subsidies through queues, therefore, can be accomplished even if the government has no information on individual income or living standards. When the alternative to price controls is a poorly targeted explicit social safety ne ...
... to pay low nominal prices and queue in the state sector. The targeting of subsidies through queues, therefore, can be accomplished even if the government has no information on individual income or living standards. When the alternative to price controls is a poorly targeted explicit social safety ne ...
Chapter-10 Summary and Main Conclusion
... Arthāŝastra is in form of Politics so it is connected with the politics. As A. K. Shah (1981) has convincingly shown in the case of Kautilya‟s Arthāŝastra, the four goals of life made sense only in their interrelation; when separated from each other, the pursuit of pleasure (kama) was bound to degen ...
... Arthāŝastra is in form of Politics so it is connected with the politics. As A. K. Shah (1981) has convincingly shown in the case of Kautilya‟s Arthāŝastra, the four goals of life made sense only in their interrelation; when separated from each other, the pursuit of pleasure (kama) was bound to degen ...
Slide 1
... – Means a rightward shift of the demand curve – At any given price, consumers demand a larger quantity of the good or service than ...
... – Means a rightward shift of the demand curve – At any given price, consumers demand a larger quantity of the good or service than ...
Economics 301 – Revision Checklist Marginal Analysis I can
... Illustrate clearly using the MR, AR, AC and MC curves the profit max position on a graph for a perfect competitor Identify the profit max price and quantity for a perfect competitor on a graph Explain the difference between normal, super and sub normal profits Illustrate normal, super and sub profit ...
... Illustrate clearly using the MR, AR, AC and MC curves the profit max position on a graph for a perfect competitor Identify the profit max price and quantity for a perfect competitor on a graph Explain the difference between normal, super and sub normal profits Illustrate normal, super and sub profit ...
THE FIRST FUNDAMENTAL THEOREM OF WELFARE
... competitive one above (albeit a little weaker) is reached. The proof for the Second Welfare Theorem is considerably more involved and even the assumptions that precede it require significant effort to explain. In the interest of simplicity and brevity, we will be satisfied with briefly stating the S ...
... competitive one above (albeit a little weaker) is reached. The proof for the Second Welfare Theorem is considerably more involved and even the assumptions that precede it require significant effort to explain. In the interest of simplicity and brevity, we will be satisfied with briefly stating the S ...
On the units of geographical economics
... a great deal about concepts like the region or the city, their work involves at best a conflation between economic and spatial units. From the very first assumption presented in Krugman’s basic model, it is clear that the firm, industry and economy will form the basis for his analysis of economic activ ...
... a great deal about concepts like the region or the city, their work involves at best a conflation between economic and spatial units. From the very first assumption presented in Krugman’s basic model, it is clear that the firm, industry and economy will form the basis for his analysis of economic activ ...
Economics
Economics is the social science that seeks to describe the factors which determine the production, distribution and consumption of goods and services.The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, ""house"") and νόμος (nomos, ""custom"" or ""law""), hence ""rules of the house (hold for good management)"". 'Political economy' was the earlier name for the subject, but economists in the late 19th century suggested ""economics"" as a shorter term for ""economic science"" to establish itself as a separate discipline outside of political science and other social sciences.Economics focuses on the behavior and interactions of economic agents and how economies work. Consistent with this focus, primary textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labor, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies).Other broad distinctions within economics include those between positive economics, describing ""what is,"" and normative economics, advocating ""what ought to be""; between economic theory and applied economics; between rational and behavioral economics; and between mainstream economics (more ""orthodox"" and dealing with the ""rationality-individualism-equilibrium nexus"") and heterodox economics (more ""radical"" and dealing with the ""institutions-history-social structure nexus"").Besides the traditional concern in production, distribution, and consumption in an economy, economic analysis may be applied throughout society, as in business, finance, health care, and government. Economic analyses may also be applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment. Education, for example, requires time, effort, and expenses, plus the foregone income and experience, yet these losses can be weighted against future benefits education may bring to the agent or the economy. At the turn of the 21st century, the expanding domain of economics in the social sciences has been described as economic imperialism.The ultimate goal of economics is to improve the living conditions of people in their everyday life.