Money, Reality, and Value: Non-Commodity Money in Marxian
... not sure if Julie had similar worries, but if she did they did not constrain her. I wish I could say that I was more successful in living up to her example. Agustin Lao-Montes was generous in joining this eclectic dissertation project late. I was incredibly lucky to find a scholar with such diverse ...
... not sure if Julie had similar worries, but if she did they did not constrain her. I wish I could say that I was more successful in living up to her example. Agustin Lao-Montes was generous in joining this eclectic dissertation project late. I was incredibly lucky to find a scholar with such diverse ...
Capital and Production
... time.12 Here he discusses the problems that would occupy the energies of the next two generations of neoclassical economists: the shape of the cost curve from which he hoped to derive a longrun supply curve, and pricing in different market structures, in particular competitive and monopoly prices. O ...
... time.12 Here he discusses the problems that would occupy the energies of the next two generations of neoclassical economists: the shape of the cost curve from which he hoped to derive a longrun supply curve, and pricing in different market structures, in particular competitive and monopoly prices. O ...
Theory of Consumer Behavior
... Then he pays fewer amounts for the successive units. He tries to equate at every step the marginal utility and the price of the commodity, he must lower its price so that the consumers are induced to buy large quantities and this is what is explained in the law of demand. From this, we conclude that ...
... Then he pays fewer amounts for the successive units. He tries to equate at every step the marginal utility and the price of the commodity, he must lower its price so that the consumers are induced to buy large quantities and this is what is explained in the law of demand. From this, we conclude that ...
Independent Demand Inventory Management
... SPI Model Example: T-shirts are purchase in multiples of 10 for a charity event for $8 each. When sold during the event the selling price is $20. After the event their salvage value is just $2. From past events the organizers know the probability of selling different quantities of t-shirts within a ...
... SPI Model Example: T-shirts are purchase in multiples of 10 for a charity event for $8 each. When sold during the event the selling price is $20. After the event their salvage value is just $2. From past events the organizers know the probability of selling different quantities of t-shirts within a ...
Ordering, pricing, and lead-time quotation under lead
... and lead-time decisions are made in the presence of lead-time uncertainty, but the influence of stocking decisions is not investigated. In this section, we review both streams of research and present how our work is related to each. The modeling approach used in this article regarding the optimal se ...
... and lead-time decisions are made in the presence of lead-time uncertainty, but the influence of stocking decisions is not investigated. In this section, we review both streams of research and present how our work is related to each. The modeling approach used in this article regarding the optimal se ...
Access Regulation under Asymmetric Information about Demand!
... asking for access in the …rst period. First-best access prices will then involve inducing the entrant to invest in the second period in the case of a high demand state, and promoting service-based competition in both periods in the case of a low demand state. We …rst show that welfare is higher if ...
... asking for access in the …rst period. First-best access prices will then involve inducing the entrant to invest in the second period in the case of a high demand state, and promoting service-based competition in both periods in the case of a low demand state. We …rst show that welfare is higher if ...
Endogenous supply of fiat money
... money supplier faces a trade-off between short-run gains from overissue and long-run losses due to a decrease in its reputation for providing valuable currency. Indeed, if it overissues, the agents in the economy become more convinced that the money supplier they face is impatient, leading to a smal ...
... money supplier faces a trade-off between short-run gains from overissue and long-run losses due to a decrease in its reputation for providing valuable currency. Indeed, if it overissues, the agents in the economy become more convinced that the money supplier they face is impatient, leading to a smal ...
maucourant
... result, regularities of collective behaviour - institutions - which create individual expectations, are the matrix of social order : this point is crucial in Commons’s analysis of “futurity” and efficiency of monetary policy according to Whalen (1993). More generally, collective action considered as ...
... result, regularities of collective behaviour - institutions - which create individual expectations, are the matrix of social order : this point is crucial in Commons’s analysis of “futurity” and efficiency of monetary policy according to Whalen (1993). More generally, collective action considered as ...
The Quality of Money
... (2004, pp. 189–93) have followed Carl Menger in their analysis of the origins of money. While Mises does not list the specific qualities that help a commodity to become money, Rothbard (2008, p. 6) mentions the “proper qualities of money”: commodity money is in heavy demand, highly divisible, portab ...
... (2004, pp. 189–93) have followed Carl Menger in their analysis of the origins of money. While Mises does not list the specific qualities that help a commodity to become money, Rothbard (2008, p. 6) mentions the “proper qualities of money”: commodity money is in heavy demand, highly divisible, portab ...
I The social life of things - Home | Townsend Working Groups
... are things with a particular type of social potential, that they are distinguishable from "products," "objects," "goods," "artifacts," and other sorts of things - but only in certain respects and from a certain point of view. If my argument holds water, it will follow that it is definitionally usefu ...
... are things with a particular type of social potential, that they are distinguishable from "products," "objects," "goods," "artifacts," and other sorts of things - but only in certain respects and from a certain point of view. If my argument holds water, it will follow that it is definitionally usefu ...
Heiner Ganßmann
... these rules, not just by observing them as sequences of physical events. Participants must broadly follow these rules; otherwise the game does not take place. Rules define rights and obligations, desirable or acceptable moves in the game. That participants have to be able to act according to the rel ...
... these rules, not just by observing them as sequences of physical events. Participants must broadly follow these rules; otherwise the game does not take place. Rules define rights and obligations, desirable or acceptable moves in the game. That participants have to be able to act according to the rel ...
Document
... education. Presently, the unemployment rate between males and females is roughly equal; however, this has not always been true. In the past females were more likely to suffer from unemployment than males. Because there are unemployment differentials among groups, it follows that a decrease in the ov ...
... education. Presently, the unemployment rate between males and females is roughly equal; however, this has not always been true. In the past females were more likely to suffer from unemployment than males. Because there are unemployment differentials among groups, it follows that a decrease in the ov ...
Optimal Pricing and Return Policies for Perishable Commodities
... The pricing should be set so that the average retail establishment captures at least some portion of the gain from channel coordination. ...
... The pricing should be set so that the average retail establishment captures at least some portion of the gain from channel coordination. ...
The Evaluation of Post-Keynesian Economics
... underestimate future prices; hence they fail to raise their nominal wages by the same rate of price increase. Instead, Friedman accepted “Adjusted Expectations Hypothesis” (AEH) which assumes that workers err in their price expectations only for one period. When AD is increased, say, by an increase ...
... underestimate future prices; hence they fail to raise their nominal wages by the same rate of price increase. Instead, Friedman accepted “Adjusted Expectations Hypothesis” (AEH) which assumes that workers err in their price expectations only for one period. When AD is increased, say, by an increase ...
Marginal Utility Theory of Household Behavior
... consumption of clothing must rise (and possibly consumption of other commodities must fall) until the ratio of marginal utilities is again equated to the price ratio ... this leads to the basic prediction of demand theory: THE LAW OF DEMAND: A rise in the price of one commodity (with income and the ...
... consumption of clothing must rise (and possibly consumption of other commodities must fall) until the ratio of marginal utilities is again equated to the price ratio ... this leads to the basic prediction of demand theory: THE LAW OF DEMAND: A rise in the price of one commodity (with income and the ...
Using Supply and Demand
... The Limitations Of Supply And Demand Analysis It is not enough to be able to explain what happens when supply or demand ...
... The Limitations Of Supply And Demand Analysis It is not enough to be able to explain what happens when supply or demand ...
The Uses of Money: Money in the Theory of an Exchange Economy
... basket of goods and more leisure. Potential transactors possess very incomplete information about the location The two postulates are necessary and and identity of other transactors, about sufficient conditions for the use of a methe quality of the goods offered or dedium of exchange. They emphasize ...
... basket of goods and more leisure. Potential transactors possess very incomplete information about the location The two postulates are necessary and and identity of other transactors, about sufficient conditions for the use of a methe quality of the goods offered or dedium of exchange. They emphasize ...
Austrian Economics—The Ultimate Achievement of an Intellectual
... reserves the use of the word inflation for big changes. However, Mises remarks that there is no objective way to define the limit (big changes), and that is why he suggests inflation as “an increase in the quantity of money above the market demand of money.” Note that, under Mises’ suggested definit ...
... reserves the use of the word inflation for big changes. However, Mises remarks that there is no objective way to define the limit (big changes), and that is why he suggests inflation as “an increase in the quantity of money above the market demand of money.” Note that, under Mises’ suggested definit ...
7- consumers_producers welfare
... Smith’s invisible hand of the marketplace, The social planner doesn’t need to alter the market outcome because the invisible hand has already guided buyers and sellers to an allocation of the economy’s resources that maximizes total surplus. ...
... Smith’s invisible hand of the marketplace, The social planner doesn’t need to alter the market outcome because the invisible hand has already guided buyers and sellers to an allocation of the economy’s resources that maximizes total surplus. ...
Austrian Economics—The Ultimate Achievement of an Intellectual
... In fact, we can find similar passages in Mises’ original essay. Consider the following: Every man who, in the course of economic life, takes a choice between the satisfaction of one need as against another, eo ipso makes a judgment of value. Such judgments of value at once include only the very sati ...
... In fact, we can find similar passages in Mises’ original essay. Consider the following: Every man who, in the course of economic life, takes a choice between the satisfaction of one need as against another, eo ipso makes a judgment of value. Such judgments of value at once include only the very sati ...
First Pages - Yale Economics
... and how used-car markets behave when people’s information is limited. A significant recent example illustrating behavioral principles came when millions of people took out “subprime mortgages” to buy homes in the 2000s. They did not read or could not understand the fine print, and as a result many p ...
... and how used-car markets behave when people’s information is limited. A significant recent example illustrating behavioral principles came when millions of people took out “subprime mortgages” to buy homes in the 2000s. They did not read or could not understand the fine print, and as a result many p ...
Working Paper No. 313
... agent obtain all the information of other agents' individual effective demands? ...
... agent obtain all the information of other agents' individual effective demands? ...
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 ...
consumer surplus and prices in perfect competition and
... indicative of welfare. For instance, consumer welfare is measured by the magnitude of consumer surplus. Consumer welfare too is non-decreasing in consumer surplus. Perfect competition is the market form in which consumer surplus is the greatest in magnitude, thus most favorable to the consumers, as ...
... indicative of welfare. For instance, consumer welfare is measured by the magnitude of consumer surplus. Consumer welfare too is non-decreasing in consumer surplus. Perfect competition is the market form in which consumer surplus is the greatest in magnitude, thus most favorable to the consumers, as ...