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Simultaneous equations model The simultaneous equation model requires a theory of reciprocal causality that includes special features if the causal effects are to be estimated as simultaneous feedback as opposed to one-sided 'blocks' of an equation where a researcher is interested in the causal effect of X on Y while h... | https://en.wikipedia.org/wiki?curid=250436 |
Existence theorem In mathematics, an existence theorem is a theorem which asserts the existence of a certain object. It might be a statement which begins with the phrase "there exist(s)", or it might a universal statement whose last quantifier is existential (e.g., "for all , , ... there exist(s) ..."). In the formal t... | https://en.wikipedia.org/wiki?curid=251177 |
Existence theorem In mathematics, an existence theorem is purely theoretical if the proof given for it does not indicate a construction of the object whose existence is asserted. Such a proof is non-constructive, since the whole approach may not lend itself to construction. In terms of algorithms, purely theoretical ex... | https://en.wikipedia.org/wiki?curid=251177 |
Existence theorem One could get another explanation of existence theorem from type theory, in which a proof of an existential statement can come only from a "term" (which one can see as the computational content). | https://en.wikipedia.org/wiki?curid=251177 |
Private sector The private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private individuals or groups, usually as a means of enterprise for profit, rather than being owned by the state. The private sector employs most of the workforce in some countries. In private se... | https://en.wikipedia.org/wiki?curid=251540 |
Private sector In some cases, industries and individual businesses choose to self-regulate by applying higher standards for dealing with their workers, customers, or the environment than the minimum that is legally required of them. There can be negative effects from the private sector. In the early 1980s, the Correcti... | https://en.wikipedia.org/wiki?curid=251540 |
Bargaining or haggling is a type of negotiation in which the buyer and seller of a good or service debate the price and exact nature of a transaction. If the bargaining produces agreement on terms, the transaction takes place. is an alternative pricing strategy to fixed prices. Optimally, if it costs the retailer nothi... | https://en.wikipedia.org/wiki?curid=251705 |
Bargaining In other regions of the world, bargaining may be the norm, even for small commercial transactions. In Indonesia and elsewhere in Asia, locals haggle for goods and services everywhere from street markets to hotels. Even children learn to haggle from a young age. Participating in that tradition can make foreig... | https://en.wikipedia.org/wiki?curid=251705 |
Bargaining In areas where bargaining at the retail level is common, the option to bargain often depends on the presence of the store's owner. A chain store managed by clerks is more likely to use fixed pricing than an independent store managed by an owner or one of the owner's trusted employees. The store's ambiance ma... | https://en.wikipedia.org/wiki?curid=251705 |
Bargaining Examples of such situations include the bargaining involved in a labor union and the directors of a company negotiating wage increases, the dispute between two communities about the distribution of a common territory, or the conditions under which two countries agree on nuclear disarmament. Analyzing these k... | https://en.wikipedia.org/wiki?curid=251705 |
Bargaining A bargaining game for two players is defined as a pair (F,d) where F is the set of possible joint utility allocations (possible agreements), and d is the disagreement point. For the definition of a specific bargaining solution, it is usual to follow Nash's proposal, setting out the axioms this solution shoul... | https://en.wikipedia.org/wiki?curid=251705 |
Bargaining Retailers can choose to sell at posted prices or allow bargaining: selling at a public posted price commits the retailer not to exploit buyers once they enter the retail store, making the store more attractive to potential customers, while a bargaining strategy has the advantage that it allows the retailer t... | https://en.wikipedia.org/wiki?curid=251705 |
Bargaining This is because the parties must be able to make trade-offs across issues in order for both sides to be satisfied with the outcome. A very different approach to conceptualizing bargaining is as co-construction of a social narrative, where narrative, rather than economic logic drives the outcome. When a barga... | https://en.wikipedia.org/wiki?curid=251705 |
Ecological model of competition The ecological model of competition is a reassessment of the nature of competition in the economy. Traditional economics models the economy on the principles of physics (force, equilibrium, inertia, momentum, and linear relationships). This can be seen in the economics lexicon: terms lik... | https://en.wikipedia.org/wiki?curid=252969 |
Time preference In economics, time preference (or time discounting, delay discounting, temporal discounting, long-term orientation) is the current relative valuation placed on receiving a good at an earlier date compared with receiving it at a later date. There is no absolute distinction that separates "high" and "low"... | https://en.wikipedia.org/wiki?curid=253980 |
Time preference " Bob's time preference would change depending on if he trusted Jim and how much he needs the money now, thinks he can wait, or would prefer to have $15 at the end of the month than $10 now. Present and expected needs, present and expected income affect the time preference. In the neoclassical theory of... | https://en.wikipedia.org/wiki?curid=253980 |
Time preference In the long run steady state, consumption's share in a person's income is constant which pins down the rate of interest as equal to the rate of time preference, with the marginal product of capital adjusting to ensure this equality holds. It is important to note that in this view, it is not that people ... | https://en.wikipedia.org/wiki?curid=253980 |
Time preference By contrast, George Reisman says that time preference arises because of the possibility of being less able (say through injury or the effects of aging) or totally unable (through substantial incapacitation or death) to enjoy the use of goods in the future. The further into the future someone considers, ... | https://en.wikipedia.org/wiki?curid=253980 |
Time preference To put it another way, it is a tendency to give greater value to rewards as they move away from their temporal horizons and towards the "now". For instance, a nicotine deprived smoker may highly value a cigarette available any time in the next 6 hours but assign little or no value to a cigarette availab... | https://en.wikipedia.org/wiki?curid=253980 |
Time preference For example, although an individual may prefer $1,000 in one month over $100 now, they may switch their preference to the $100 if the delay to the $1,000 is increased to 60 months (5 years). This means that this individual values $1,000 after a delay of 60 months less than $100 now. The trick is to find... | https://en.wikipedia.org/wiki?curid=253980 |
Joint product pricing In microeconomics, joint product pricing is the firm's problem of choosing prices for joint products, which are two or more products produced from the same process or operation, each considered to be of value. Pricing for joint products is more complex than pricing for a single product. To begin w... | https://en.wikipedia.org/wiki?curid=254270 |
Prebisch–Singer hypothesis In economics, the (also called the Prebisch–Singer thesis) argues that the price of primary commodities declines relative to the price of manufactured goods over the long term, which causes the terms of trade of primary-product-based economies to deteriorate. , recent statistical studies have... | https://en.wikipedia.org/wiki?curid=256183 |
Prebisch–Singer hypothesis As a result, the hypothesis enjoyed a high degree of popularity in the 1960s and 1970s with neo-Marxist developmental economists and even provided a justification for an expansion of the role of the commodity futures exchange as a tool for development. Singer and Prebisch noticed a similar st... | https://en.wikipedia.org/wiki?curid=256183 |
Prebisch–Singer hypothesis They are warned to be prudent even when export prices are temporarily favourable and to guard against currency overvaluation and Dutch Disease, with all the unfavourable impact on the rest of the economy and all the dangers of macroeconomic instability which a sudden boom in a major export se... | https://en.wikipedia.org/wiki?curid=256183 |
Prebisch–Singer hypothesis Another case that we can see are personal computers that provide the service of calculations per second. Since the 1970s computers doubled their capacity of calculations per second every two years for the same amount of constant dollars. The fall in price is so rapid, that it has been necessa... | https://en.wikipedia.org/wiki?curid=256183 |
Prebisch–Singer hypothesis Or China and USA between 1980 and 2018, or many other countries. Prebisch's lectures from 1945 to 1949 revealed the development of the theoretical strands of his argument. What he did not have was a statistical argument. In February 1949, Hans Singer, then working in the United Nations Depart... | https://en.wikipedia.org/wiki?curid=256183 |
Geographical pricing Geographical pricing, in marketing, is the practice of modifying a basic list price based on the geographical location of the buyer. It is intended to reflect the costs of shipping to different locations. There are several types of geographic pricing: | https://en.wikipedia.org/wiki?curid=256832 |
Independence of irrelevant alternatives The independence of irrelevant alternatives (IIA), also known as binary independence or the independence axiom, is an axiom of decision theory and various social sciences. The term is used with different meanings in different contexts; although they all attempt to provide an acco... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives In social choice theory, IIA is also defined as: In other words, whether "A" or "B" is selected should not be affected by a change in the vote for an unavailable "X", which is irrelevant to the choice between "A" and "B". In voting systems, independence from irrelevant alternativ... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives Some regard these considerations as less serious unless the voting system fails the easier-to-satisfy independence of clones criterion. A criterion weaker than IIA proposed by H. Peyton Young and A. Levenglick is called local independence from irrelevant alternatives (LIIA). LIIA... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives Just as with IIA, LIIA compliance for rating methods such as approval voting, range voting, and majority judgment require the assumption that voters rate each alternative individually and independently of knowing any other alternatives, on an absolute scale (calibrated prior to t... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives So even if IIA is desirable, requiring its satisfaction seems to allow only voting methods that are undesirable in some other way, such as treating one of the voters as a dictator. Thus the goal must be to find which voting methods are best, rather than which are perfect. An argu... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives Rather than being irrelevant to whether "A" is better than "B", the additional information about the voters' preferences regarding "C" provides a strong hint that this is a situation where all else is not equal. From Kenneth Arrow, each "voter" "i" in the society has an ordering ... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives In the first edition of his book, Arrow misinterpreted IIA by considering the removal of a choice from the consideration set. Among the objects of choice, he distinguished those that by hypothesis are specified as "feasible" and "infeasible". Consider two possible sets of voter o... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives Now, the voter who ranks ["C">"D">"E">"B">"A"] instead ranks ["C">"B">"E">"D">"A"]; and the voter who ranks ["E">"C">"D">"B">"A"] instead ranks ["E">"C">"B">"D">"A"]. They change their preferences only over the pairs ["B", "D"], ["B", "E"] and ["D", "E"]. The new Borda count: "B"... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives Assume four candidates A, B, C and D with 6 voters with the following preferences: The results would be tabulated as follows: Result: A has two wins and one defeat, while no other candidate has more wins than defeats. Thus, A is elected Copeland winner. Now, assume all voters wou... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives Assume three candidates A, B and C with 7 voters and the following preferences: The Kemeny–Young method arranges the pairwise comparison counts in the following tally table: The ranking scores of all possible rankings are: Result: The ranking A > B > C has the highest ranking sco... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives Now, assume the two voters (marked bold) with preferences B > A > C change the preferences over the pair A and C. The preferences of the voters would then be in total: The results would be tabulated as follows: Result: Now, B has the closest biggest defeat. Thus, B is elected Min... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives The preferences of the voters would then be in total: The results would be tabulated as follows: The sorted list of victories would be: Result: All three duels are locked in, so the full ranking is C > A > B. Thus, the Condorcet winner C is elected Ranked pairs winner. So, by cha... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives So, by changing their preferences over B and C, the two voters changed the order of A and D in the result, turning A from loser to winner without any change of the voters' preferences regarding A. Thus, the Schulze method fails the IIA criterion. A probable example of the two-rou... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives Assuming bus commuters do not care about the color of the bus, they are expected to choose between bus and car still with equal probability, so the probability of car is still 0.5, while the probability of each of the two bus types is 0.25. But IIA implies that this is not the ca... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives IIA is a property assumed by the multinomial logit and the conditional logit models in econometrics. If these models are used in situations which in fact violate independence (such as multicandidate elections in which preferences exhibit cycling or situations mimicking the Red Bu... | https://en.wikipedia.org/wiki?curid=259105 |
Independence of irrelevant alternatives One of the axioms is an independence axiom analogous to the IIA axiom: where "p" is a probability, "pL"+(1-"p")"N" means a gamble with probability "p" of yielding "L" and probability (1-"p") of yielding "N", and formula_7 means that "M" is preferred over "L". This axiom says that... | https://en.wikipedia.org/wiki?curid=259105 |
Human Development Index The (HDI) is a statistic composite index of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development. A country scores a higher HDI when the lifespan is higher, the education level is higher, and the gross national income... | https://en.wikipedia.org/wiki?curid=261460 |
Human Development Index The freedom of choice is central—someone choosing to be hungry (as during a religious fast) is quite different from someone who is hungry because they cannot afford to buy food, or because the country is in a famine. The origins of the HDI are found in the annual Human Development Reports produc... | https://en.wikipedia.org/wiki?curid=261460 |
Human Development Index Income Index (II) formula_5 Finally, the HDI is the geometric mean of the previous three normalized indices: formula_6 The HDI combined three dimensions last used in its 2009 Report: This methodology was used by the UNDP until their 2011 report. The formula defining the HDI is promulgated by the... | https://en.wikipedia.org/wiki?curid=261460 |
Human Development Index The Human Development Indices and Indicators: 2018 Statistical update by the United Nations Development Programme was released on 14 September 2018, and calculates HDI values based on data collected in 2017. Below is the list of the "very high human development" countries: The Inequality-adjuste... | https://en.wikipedia.org/wiki?curid=261460 |
Human Development Index Below is the list of the "very high human development" countries: The Inequality-adjusted (IHDI) is a "measure of the average level of human development of people in a society once inequality is taken into account". Countries in the top quartile of HDI ("very high human development" group) with ... | https://en.wikipedia.org/wiki?curid=261460 |
Human Development Index Iceland has been ranked highest twice. The year represents the time period from which the statistics for the index were derived. In parentheses is the year when the report was published. The HDI has extended its geographical coverage: David Hastings, of the United Nations Economic and Social Com... | https://en.wikipedia.org/wiki?curid=261460 |
Human Development Index They identified three sources of data error which are due to (i) data updating, (ii) formula revisions and (iii) thresholds to classify a country's development status and conclude that 11%, 21% and 34% of all countries can be interpreted as currently misclassified in the development bins due to ... | https://en.wikipedia.org/wiki?curid=261460 |
Human Development Index In 2013, Salvatore Monni and Alessandro Spaventa emphasized that in the debate of GDP versus HDI, it is often forgotten that these are both external indicators that prioritize different benchmarks upon which the quantification of societal welfare can be predicated. The larger question is whether... | https://en.wikipedia.org/wiki?curid=261460 |
Dutch disease In economics, the is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The putative mechanism is that as revenues increase in the growing sect... | https://en.wikipedia.org/wiki?curid=261785 |
Dutch disease The lagging sector is usually manufacturing or agriculture. A resource boom affects this economy in two ways: In a model of international trade based on resource endowments as the Heckscher–Ohlin/Heckscher–Ohlin-Vanek, the can be explained by the Rybczynski Theorem. Using data on 118 countries over the pe... | https://en.wikipedia.org/wiki?curid=261785 |
Dutch disease This may happen because technological growth is smaller in the booming sector and the non-tradable sector than the non-booming tradable sector. Because that economy had smaller technological growth than did other countries, its comparative advantage in non-booming tradable goods will have shrunk, thus lea... | https://en.wikipedia.org/wiki?curid=261785 |
Dutch disease Another benefit of letting the revenues into the country slowly is that it can give a country a stable revenue stream, giving more certainty to revenues from year to year. Also, by saving the boom revenues, a country is saving some of the revenues for future generations. Examples of these sovereign wealth... | https://en.wikipedia.org/wiki?curid=261785 |
Dutch disease Investments in education and infrastructure can increase the competitiveness of the lagging manufacturing or agriculture sector. Another approach is government protectionism of the lagging sector, that is, increase in subsidies or tariffs. However, this could worsen the effects of Dutch disease, as large ... | https://en.wikipedia.org/wiki?curid=261785 |
Frank Knight Frank Hyneman Knight (November 7, 1885 – April 15, 1972) was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago school. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chica... | https://en.wikipedia.org/wiki?curid=263040 |
Frank Knight In 1950 he was president of the American Economic Association and in 1957 the recipient of its coveted Francis A. Walker Award, given "not more frequently than once every five years to the living (American) economist who in the judgment of the awarding body has during his career made the greatest contribut... | https://en.wikipedia.org/wiki?curid=263040 |
Frank Knight However, the Knightian concept of uncertainty has been recognized in a variety of works: John Maynard Keynes discussed it at length in his Treatise on Probability; Armen Alchian relied on it for discussing market behavior in his seminal paper Uncertainty, Evolution and Economic Theory; Paul Davidson incorp... | https://en.wikipedia.org/wiki?curid=263040 |
McJob is slang for a low-paying, low-prestige dead-end job that requires few skills and offers very little chance of intracompany advancement. The term comes from the name of the fast-food restaurant McDonald's, but is used to describe any low-status job – regardless of the employer – where little training is required,... | https://en.wikipedia.org/wiki?curid=264046 |
McJob In an open letter to Merriam-Webster, McDonald's CEO, James Cantalupo denounced the definition as a "slap in the face" to all restaurant employees, and stated that "a more appropriate definition of a 'McJob' might be 'teaches responsibility'". Merriam-Webster responded that "[they stood] by the accuracy and appro... | https://en.wikipedia.org/wiki?curid=264046 |
McJob During the aforementioned arguments that broke out when Merriam-Webster included "McJob" in its new edition, McDonald's officials implied the company might bring a lawsuit against the dictionary based on this trademark issue, but never did so. McDonald's disputes that its jobs are poor, because the company has be... | https://en.wikipedia.org/wiki?curid=264046 |
McJob According to Jim Cantalupo, former CEO of McDonald's, the perception of fast-food work being boring and mindless is inaccurate, and over 1,000 of the people who now own McDonald's franchises began behind the counter. Because McDonald's has over 400,000 employees and high turnover, Cantalupo's contention has been ... | https://en.wikipedia.org/wiki?curid=264046 |
Preference regression is a statistical technique used by marketers to determine consumers’ preferred core benefits. It usually supplements product positioning techniques like multi dimensional scaling or factor analysis and is used to create ideal vectors on perceptual maps. Starting with raw data from surveys, researc... | https://en.wikipedia.org/wiki?curid=265008 |
Lead–lag effect A lead–lag effect, especially in economics, describes the situation where one (leading) variable is cross-correlated with the values of another (lagging) variable at later times. In nature and climate, bigger systems often display more pronounced lag effects. The Arctic Sea Ice minimum is on September 1... | https://en.wikipedia.org/wiki?curid=266043 |
North–South divide The is a socio-economic and political division of Earth popularized in the late 20th century and early 21st century. Generally, definitions of the Global North include the United States, Canada, the United Kingdom, all member states of the European Union, Russia, Israel, Japan, Singapore, South Korea... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide In economic terms, as of the early 21st century, the North—with one quarter of the world population—controls four-fifths of the income earned anywhere in the world. 90% of the manufacturing industries are owned by and located in the North. Inversely, the South—with three quarters of the world populat... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide Contemporaneously, a mode of economic criticism which separated the world economy into "core" and "periphery" was developed and given expression in a project for political reform which "moved the terms 'North' and 'South' into the international political lexicon." In 1973, the pursuit of a New Intern... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide After 1987, reports on the negative social impacts that structural adjustment policies had had on affected developing nations led IFIs to supplement structural adjustment policies with targeted anti-poverty projects. Following the end of the Cold War and the break-up of the Soviet Union, some Second ... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide Northern countries are using most of the earth resources and most of them are high entropic fossil fuels. Reducing emission rates of toxic substances is central to debate on sustainable development but this can negatively affect economic growth. The Dictionary of Human Geography defines development a... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide It encircles the world at a latitude of approximately 30° North, passing between North and Central America, north of Africa and the Middle East, climbing north over China and Mongolia, but dipping south so as to include Australia and New Zealand in the "Rich North". The global digital divide is often... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide Dependency theory is closely intertwined with Latin American Structuralism, the only school of development economics emerging from the Global South to be affiliated with a national research institute and to receive support from national banks and finance ministries. The Structuralists defined depende... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide Africans and Southwest Asians want to live and work in Europe. Southeast Asians want to live and work in North America and Europe". New Economic Geography explains development disparities in terms of the physical organization of industry, arguing that firms tend to cluster in order benefit from econo... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide Globalization has largely displaced the as the theoretical underpinning of the development efforts of international institutions such as the IMF, World Bank, WTO, and various United Nations affiliated agencies, though these groups differ in their perceptions of the relationship between globalization ... | https://en.wikipedia.org/wiki?curid=267394 |
North–South divide These goals seek to eradicate extreme poverty and hunger, achieve global universal education and healthcare, promote gender equality and empower women, reduce child mortality, improve maternal health, combat HIV/AIDS, malaria, and other diseases, ensure environmental sustainability, and develop a glo... | https://en.wikipedia.org/wiki?curid=267394 |
Budget constraint In economics, a budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income. Consumer theory uses the concepts of a budget constraint and a preference map to analyze consumer choices. Both concepts have a read... | https://en.wikipedia.org/wiki?curid=271310 |
Budget constraint A line connecting all points of tangency between the indifference curve and the budget constraint is called the expansion path. All two dimensional budget constraints are generalized into the equation: formula_1 Where: The equation can be rearranged to represent the shape of the curve on a graph: form... | https://en.wikipedia.org/wiki?curid=271310 |
Budget constraint While low-level demonstrations of budget constraints are often limited to less than two good situations which provide easy graphical representation, it is possible to demonstrate the relationship between multiple goods through a budget constraint. In such a case, assuming there are formula_12 goods, c... | https://en.wikipedia.org/wiki?curid=271310 |
Marginal demand in economics is the change in demand for a product or service in response to a specific change in its price. Normally, as prices for goods or service rise, demand falls, and conversely, as prices for goods or services fall, demand rises. A product or service where price changes cause a relatively big ch... | https://en.wikipedia.org/wiki?curid=274078 |
Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. Personnel that make up "operations" are This is mainly in a manufac... | https://en.wikipedia.org/wiki?curid=274832 |
Preference-rank translation is a mathematical technique used by marketers to convert stated preferences into purchase probabilities, that is, into an estimate of actual buying behaviour. It takes survey data on consumers’ preferences and converts it into actual purchase probabilities. A survey might ask a question usin... | https://en.wikipedia.org/wiki?curid=275524 |
Sustainable industries The phrase sustainable industries is related to the development of industrial processes in a sustainable way. The earliest mention of the phrase "sustainable industries" appeared in 1990 in a story about a Japanese group reforesting a tropical forest to help create sustainable industries for the ... | https://en.wikipedia.org/wiki?curid=276049 |
Sustainable industries In February 2003 the business magazine Sustainable Industries was first published, offering news and analysis of core industries such as clean energy and green building. By 2012 the company had expanded to include digital media and event production with the Sustainable Industries Economic Forum i... | https://en.wikipedia.org/wiki?curid=276049 |
Time spent listening (TSL) is one of the measurements surveyed by Nielsen Audio in determining ratings for radio stations in the United States. It is the equivalent of Average Time Exposed (ATE), Daily or Weekly. TSL is defined as the amount of time the average listener surveyed spent listening to each radio station at... | https://en.wikipedia.org/wiki?curid=276939 |
Modigliani–Miller theorem The (of Franco Modigliani, Merton Miller) is an influential element of economic theory; it forms the basis for modern thinking on capital structure. The basic theorem states that in the absence of taxes, bankruptcy costs, agency costs, and asymmetric information, and in an efficient market, th... | https://en.wikipedia.org/wiki?curid=285374 |
Modigliani–Miller theorem Despite limited prior experience in corporate finance, Miller and Modigliani were assigned to teach the subject to current business students. Finding the published material on the topic lacking, the professors created the theorem based on their own research. The result of this was the article ... | https://en.wikipedia.org/wiki?curid=285374 |
Modigliani–Miller theorem Therefore the price of L must be the same as the price of U minus the money borrowed B, which is the value of L's debt. This discussion also clarifies the role of some of the theorem's assumptions. We have implicitly assumed that the investor's cost of borrowing money is the same as that of th... | https://en.wikipedia.org/wiki?curid=285374 |
Modigliani–Miller theorem where: The same relationship as earlier described stating that the cost of equity rises with leverage, because the risk to equity rises, still holds. The formula, however, has implications for the difference with the WACC. Their second attempt on capital structure included taxes has identified... | https://en.wikipedia.org/wiki?curid=285374 |
Gibbard–Satterthwaite theorem In social choice theory, the is a result published independently by philosopher Allan Gibbard in 1973 and economist Mark Satterthwaite in 1975. It deals with deterministic ordinal electoral systems that choose a single winner. It states that for every voting rule, one of the following thre... | https://en.wikipedia.org/wiki?curid=288224 |
Gibbard–Satterthwaite theorem formula_8This notation means that voter formula_1 prefers formula_4, then formula_5, formula_6 and formula_7; voters formula_2 and formula_3 both prefer formula_6, then formula_5, formula_7 and formula_4. If the voters cast sincere ballots, then the scores are: formula_20. Hence, candidate... | https://en.wikipedia.org/wiki?curid=288224 |
Gibbard–Satterthwaite theorem Let formula_34 be the set of strict weak orders over formula_32: an element of this set can represent the preferences of a voter. A "voting rule" is a function formula_36. Its input is a profile of preferences formula_37 and it yields the identity of the winning candidate. We say that form... | https://en.wikipedia.org/wiki?curid=288224 |
Gibbard–Satterthwaite theorem Then voter 2's ballot is examined: if there is a unique best-liked candidate among the non-eliminated ones, then this candidate is elected. Otherwise, the list of possible outcomes is reduced again, etc. If there are still several non-eliminated candidates after all ballots have been exami... | https://en.wikipedia.org/wiki?curid=288224 |
Gibbard–Satterthwaite theorem This whole process is dictatorial, by definition. However, it is manipulable, for the same reasons as the usual Borda count. Thus, the is an implication and not an equivalence. We now consider the case where by assumption, a voter cannot be indifferent between two candidates. We denote by ... | https://en.wikipedia.org/wiki?curid=288224 |
Gibbard–Satterthwaite theorem However, the corollary is sometimes presented under a less general form: instead of assuming that the rule has at least three possible outcomes, it is sometimes assumed that formula_32 contains at least three elements and that the voting rule is "onto", i.e. every alternative is a possible... | https://en.wikipedia.org/wiki?curid=288224 |
Gibbard–Satterthwaite theorem The strategic aspect of voting is already noticed in 1876 by Charles Dodgson, a pioneer in social choice theory, also known as Lewis Carroll. His quote (about a particular voting system) was made famous by Duncan Black:This principle of voting makes an election more of a game of skill than... | https://en.wikipedia.org/wiki?curid=288224 |
Gibbard–Satterthwaite theorem Gibbard's 1978 theorem and Hylland's theorem extend these results to non-deterministic mechanisms, i.e. where the outcome may not only depend on the ballots but may also involve a part of chance. The Duggan–Schwartz theorem extend this result in another direction, by dealing with determini... | https://en.wikipedia.org/wiki?curid=288224 |
Business-to-government or business-to-administration is a derivative of business-to-business marketing and often referred to as a market definition of "public sector marketing". Which encompasses marketing products and services to various government levels through integrated marketing communications techniques such as ... | https://en.wikipedia.org/wiki?curid=292901 |
Cross-correlation matrix The cross-correlation matrix of two random vectors is a matrix containing as elements the cross-correlations of all pairs of elements of the random vectors. The cross-correlation matrix is used in various digital signal processing algorithms. For two random vectors formula_1 and formula_2, each... | https://en.wikipedia.org/wiki?curid=294927 |
Contract theory In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as Law and economics. One pr... | https://en.wikipedia.org/wiki?curid=296775 |
Contract theory It is customary to model people as maximizers of some von Neumann–Morgenstern utility functions, as stated by expected utility theory. In moral hazard models, the information asymmetry is the principal's inability to observe and/or verify the agent's action. Performance-based contracts that depend on ob... | https://en.wikipedia.org/wiki?curid=296775 |
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