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Civilian noninstitutional population In the United States, the civilian noninstitutional population refers to people 16 years of age and older residing in the 50 States and the District of Columbia who are not inmates of institutions (penal, mental facilities, homes for the aged), and who are not on active duty in the ... | https://en.wikipedia.org/wiki?curid=22707932 |
Complete income reporters In the United States, a complete income reporter is a person who provides values for major sources of income, such as wages and salaries, self-employment income, and social security income. | https://en.wikipedia.org/wiki?curid=22709304 |
Consumer unit (economics) In economics, a consumer unit is defined as either (1) all members of a particular household who are related by blood, marriage, adoption, or other legal arrangements; (2) a person living alone or sharing a household with others or living as a roomer in a private home or lodging house or in pe... | https://en.wikipedia.org/wiki?curid=22709588 |
Fourth market trading is direct institution-to-institution trading without using the service of broker-dealers, thus avoiding both commissions, and the bid-ask spread. Trades are usually done in blocks. It is impossible to estimate the volume of fourth market activity because trades are not subject to reporting require... | https://en.wikipedia.org/wiki?curid=22720493 |
Indexation of contracts In statistics relating to national economies, the indexation of contracts also called "index linking" and "contract escalation" is a procedure when a contract includes a periodic adjustment to the prices paid for the contract provisions based on the level of a nominated price index. The purpose ... | https://en.wikipedia.org/wiki?curid=22721696 |
Antonio Augusto Villareal Acosta Antonio Augusto Villarreal Acosta (born 1 September 1950, Morón, Cuba) is an economist, librarian, and Varela project coordinator. He published reports about problems of the transport facilities, the food supply and the housing shortage. He was arrest on 19 March 2003, during the Black ... | https://en.wikipedia.org/wiki?curid=22728119 |
Cool Cities Initiative began as an initiative started by Michigan Governor Jennifer Granholm to spur growth and investment in Northern Cities. The Initiative was proposed in 2003 in response to students attending college in Michigan and then seeking employment out of state. The Stadium District, immediately south of Ol... | https://en.wikipedia.org/wiki?curid=22729180 |
Robertson v. United States Robertson v. United States, 343 U.S. 711 (1952), was a United States Supreme Court case in which the Court held that cash contest prizes are taxable, and attributable to the most-recent thirty-six months ending with the close of the year in which it was received. The facts of the case involve... | https://en.wikipedia.org/wiki?curid=22744638 |
Poyner v. Commissioner 301 F.2d 287 (4th Cir.1962) is a United States tax law case that discusses whether "special death benefits" paid to an employee's widow are exempt from taxes as a gift under §102(a). It produces five factors as a pertinent test: (1) whether the payments were made to the spouse of the deceased sha... | https://en.wikipedia.org/wiki?curid=22745527 |
Transfer payments multiplier In Keynesian economics, the transfer payments multiplier (or transfer payment multiplier) is the multiple by which aggregate demand will increase when there is an increase in transfer payments (e.g. welfare spending, unemployment payments). Transfer payments are not in the same theoretical ... | https://en.wikipedia.org/wiki?curid=22752001 |
Transfer payments multiplier However, the size of this multiplier effect is likely to be diminished by two considerations: first, an upward push that the new spending gives to interest rates, which diminishes spending on goods such as physical capital and consumer durables; and second, an upward push that the spending ... | https://en.wikipedia.org/wiki?curid=22752001 |
Deflator In statistics, a deflator is a value that allows data to be measured over time in terms of some base period, usually through a price index, in order to distinguish between changes in the money value of a gross national product (GNP) that come from a change in prices, and changes from a change in physical outpu... | https://en.wikipedia.org/wiki?curid=22752539 |
United States v. Drescher United States v. Drescher, 179 F.2d 863 (2nd Cir. 1950) was a United States income tax case before the Second Circuit. The Court held as follows: A corporation, anticipating its executive's retirement, purchases an "endowment policy," entitling him (the policy-holder) to a lump-sum-certain whe... | https://en.wikipedia.org/wiki?curid=22764556 |
Haverly v. United States Haverly v. United States, 513 F.2d 224 (7th Cir. 1975) is a United States income tax case. Held: During the years 1967 and 1968 Charles N. Haverly was the principal of the Alice L. Barnard Elementary School in Chicago, Illinois. In each of these years publishers sent to the taxpayer unsolicited... | https://en.wikipedia.org/wiki?curid=22766212 |
Haverly v. United States It seems strange to permit a party to exclude a receipt and also deduct its value. Nevertheless, the court barred neither—but it accompanied the charitable deduction with income realization at an equal amount. Here are the reasons it chose this approach: | https://en.wikipedia.org/wiki?curid=22766212 |
Foreign Parcel Trading Company The All-Union Association Vneshposyltorg (All-Union Foreign Mail Order Trade Association) was an organization in the Soviet Union which handled trade in imported goods for hard currency. It was mostly known for its chain of shops Beryozka. Vneshposyltorg sold consumer goods to foreigners ... | https://en.wikipedia.org/wiki?curid=22777332 |
History of macroeconomic thought Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theor... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Lucas also argued that Keynesian empirical models would not be as stable as models based on microeconomic foundations. The new classical school culminated in real business cycle theory (RBC). Like early classical economic models, RBC models assumed that markets clear and that business c... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Beginning with William Stanley Jevons and Clément Juglar in the 1860s, economists attempted to explain the cycles of frequent, violent shifts in economic activity. A key milestone in this endeavor was the foundation of the U.S. National Bureau of Economic Research by Wesley Mitchell in ... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Quantity theory viewed the entire economy through Say's law, which stated that whatever is supplied to the market will be sold—in short, that markets always clear. In this view, money is neutral and cannot impact the real factors in an economy like output levels. This was consistent wit... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The Cambridge theory did not assume that money demand and supply were always at equilibrium, and it accounted for people holding more cash when the economy sagged. By factoring in the value of holding cash, the Cambridge economists took significant steps toward the concept of liquidity ... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought This can lead to a cumulative process where inflation increases continuously without an expansion in the monetary base. Wicksell's work influenced Keynes and the Swedish economists of the Stockholm School. Modern macroeconomics can be said to have begun with Keynes and the publication o... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Classical economists had difficulty explaining involuntary unemployment and recessions because they applied Say's Law to the labor market and expected that all those willing to work at the prevailing wage would be employed. In Keynes's model, employment and output are driven by aggregat... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought While Keynes's successors paid little attention to the probabilistic parts of his work, uncertainty may have played a central part in the investment and liquidity-preference aspects of "General Theory". The exact meaning of Keynes's work has been long debated. Even the interpretation of... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Neo-Keynesians dealt with two microeconomic issues: first, providing foundations for aspects of Keynesian theory such as consumption and investment, and, second, combining Keynesian macroeconomics with general equilibrium theory. (In general equilibrium theory, individual markets intera... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Hick's IS/LM (Investment-Savings/Liquidity preference-Money supply) model became the basis for decades of theorizing and policy analysis into the 1960s. The model represents the goods market with the IS curve, a set of points representing equilibrium in investment and savings. The money... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The study of growth revived when neo-Keynesians Roy Harrod and Evsey Domar independently developed the Harrod–Domar model, an extension of Keynes's theory to the long-run, an area Keynes had not looked at himself. Their models combined Keynes's multiplier with an accelerator model of in... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought MPS combined IS/LM with other aspects of the synthesis including the neoclassical growth model and the Phillips curve relation between inflation and output. Both large-scale models and the Phillips curve became targets for critics of the synthesis. Keynes did not lay out an explicit the... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Moreover, they argued, the presence of disequilibrium in one market must be associated with disequilibrium in another, so involuntary unemployment had to be tied to an excess supply in the goods market. Many see Don Patinkin's work as the first in the disequilibrium vein. Robert W. Clow... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought He argued that disequilibrium in the labor and goods markets could lead to rationing of goods and labor, leading to unemployment. Malinvaud adopted a fixprice framework and argued that pricing would be rigid in modern, industrial prices compared to the relatively flexible pricing system... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Phelps, although not a monetarist, argued that only unexpected inflation or deflation impacted employment. Variations of Phelps's "expectations-augmented Phillips curve" became standard tools. Friedman and Phelps used models with no long-run trade-off between inflation and unemployment.... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Friedman developed his own quantity theory of money that referred to Irving Fisher's but inherited much from Keynes. Friedman's 1956 "The Quantity Theory of Money: A Restatement" incorporated Keynes's demand for money and liquidity preference into an equation similar to the classical eq... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Volcker tightened the money supply and brought inflation down, creating a severe recession in the process. The recession lessened monetarism's popularity but clearly demonstrated the importance of money supply in the economy. Monetarism became less credible when once-stable money veloci... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Despite discarding Keynesian theory, new classical economists did share the Keynesian focus on explaining short-run fluctuations. New classicals replaced monetarists as the primary opponents to Keynesianism and changed the primary debate in macroeconomics from whether to look at short-r... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought For example, if inflation averaged 4% over a period, economic agents were assumed to expect 4% inflation the following year. In 1972 Lucas, influenced by a 1961 agricultural economics paper by John Muth, introduced rational expectations to macroeconomics. Essentially, adaptive expectati... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Only unanticipated monetary policy could increase employment, and no central bank could systematically use monetary policy for expansion without economic agents catching on and anticipating price changes before they could have a stimulative impact. Robert E. Hall applied rational expect... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The Lucas's critique went further and argued that a policy's impact is determined by how the policy alters the expectations of economic agents. No model is stable unless it accounts for expectations and how expectations relate to policy. New classical economists argued that abandoning t... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Given this assumption, a producer might perceive an increase in general price level as an increase in the demand for his goods. The producer responds by increasing production only to find the "surprise" that prices had increased across the economy generally rather than specifically for ... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Real business cycle modelers sought to build macroeconomic models based on microfoundations of Arrow–Debreu general equilibrium. RBC models were one of the inspirations for dynamic stochastic general equilibrium (DSGE) models. DSGE models have become a common methodological tool for mac... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Taylor expanded on Fischer's work and found that monetary policy could have long-lasting effects—even after wages and prices had adjusted. Taylor arrived at this result by building on Fischer's model with the assumptions of staggered contract negotiations and contracts that fixed nomina... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The term refers to the literal cost to a restaurant of printing new menus when it wants to change prices; however, economists also use it to refer to more general costs associated with changing prices, including the expense of evaluating whether to make the change. Since firms must spen... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Coordination failure is another potential explanation for recessions and unemployment. In recessions a factory can go idle even though there are people willing to work in it, and people willing to buy its production if they had jobs. In such a scenario, economic downturns appear to be t... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought A lack of job vacancies might worry workers who then cut back on their consumption. This fall in demand meets the firm's expectations, but it is entirely due to the firm's own actions. New Keynesians offered explanations for the failure of the labor market to clear. In a Walrasian marke... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The unemployed, outsiders, do not have any voice in the wage bargaining process, so their interests are not represented. When unemployment increases, the number of outsiders increases as well. Even after the economy has recovered, outsiders continue to be disenfranchised from the bargai... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Individual firms pay their workers a premium over the market rate to ensure their workers would rather work and keep their current job instead of shirking and risk having to move to a new job. Since each firm pays more than market clearing wages, the aggregated labor market fails to cle... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The first challenged the assumption of previous models that the economic benefits of capital would decrease over time. These early new growth models incorporated positive externalities to capital accumulation where one firm's investment in technology generates spillover benefits to othe... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought From the new classical school, it adapted RBC hypotheses, including rational expectations, and methods; from the new Keynesian school, it took nominal rigidities (price stickiness) and other market imperfections. New synthesis theory developed RBC models called dynamic stochastic genera... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought When models are calibrated, the modeler selects parameter values based on other studies or casual empirical observation. Instead of using statistical diagnostics to evaluate models, the model's operating characteristics determine the quality of the model. Kydland and Prescott (1982) off... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The failures of current economic theory to deal with the crisis spurred economists to reevaluate their thinking. Commentary ridiculed the mainstream and proposed a major reassessment. Elements of modern macroeconomic consensus were criticized following the financial crisis. Robert Solow... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Initially, heterodox economists including Joan Robinson, worked alongside mainstream economists, but heterodox groups isolated themselves and created insular groups in the late 1960s and 1970s. Present day heterodox economists often publish in their own journals rather than those of the... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The ergodic axiom asserts that the future of the economy can be predicted based on the past and present market conditions. Without the ergodic assumption, agents are unable to form rational expectations, undermining new classical theory. In a non-ergodic economy, predictions are very ha... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought The Austrian tradition survived as a distinct school, however, through the works of Ludwig von Mises and Friedrich Hayek. Present-day Austrians are distinguished by their interest in earlier Austrian works and abstention from standard empirical methodology including econometrics. Austri... | https://en.wikipedia.org/wiki?curid=22785026 |
History of macroeconomic thought Hayek's model suggests that an economic bubble begins when cheap credit initiates a boom where resources are misallocated, so that early stages of production receive more resources than they should and overproduction begins; the later stages of capital are not funded for maintenance to ... | https://en.wikipedia.org/wiki?curid=22785026 |
Single deposit is one-time lump sum investment. The Investment is made at the start of the period; grows over the period and matures at the end of the period. Examples of a single deposit are certificates of deposit or Fixed Deposits. Ericka has 5,000.00 USD for her daughter's wedding. She may need the money after 4 ye... | https://en.wikipedia.org/wiki?curid=22823641 |
Periodic deposit is the investment made in form of equal deposits over a time period regularly. Each deposit recurs after a time interval. Such an investment is made to achieve a pre-planned financial objective and/or when the capital to invest is less. In simpler words, Periodic Deposit is a deposit recurring on a per... | https://en.wikipedia.org/wiki?curid=22824891 |
Black–Litterman model In finance, the is a mathematical model for portfolio allocation developed in 1990 at Goldman Sachs by Fischer Black and Robert Litterman, and published in 1992. It seeks to overcome problems that institutional investors have encountered in applying modern portfolio theory in practice. The model s... | https://en.wikipedia.org/wiki?curid=22833742 |
Black–Litterman model The user is only required to state how his assumptions about expected returns differ from the markets and to state his degree of confidence in the alternative assumptions. From this, the Black–Litterman method computes the desired (mean-variance efficient) asset allocation. In general, when there ... | https://en.wikipedia.org/wiki?curid=22833742 |
Toothpaste tube theory The toothpaste tube theory is a jocular metaphor stating that increasing pressure eventually forces some sort of release, just as when one squeezes a toothpaste tube, toothpaste comes out. It is used to explain social and political behavior, as well as relationships involving abstract concepts. Y... | https://en.wikipedia.org/wiki?curid=22839432 |
Foreclosure rescue in the United States is where a mortgage that is in arrears and where the lender is at the stage of foreclosing on the loan agrees to stop the foreclosure in exchange for funds received through loan modification or from a government grant. It may also refer to funds that allow the homeowner to repurc... | https://en.wikipedia.org/wiki?curid=22848923 |
Import replacement refers to an urban free market economic process of entrepreneurs replacing the imports of the city with production from within the city. The idea was invented by Jane Jacobs who spun off from the idea of import substitution developed by Andre Gunder Frank and widely discussed during the first and sec... | https://en.wikipedia.org/wiki?curid=22851371 |
Clearing account A clearing account is usually a temporary account containing costs or amounts that are to be transferred to another account. An example is the income summary account containing revenue and expense amounts to be transferred to retained earnings at the close of a fiscal period. Other example of clearing ... | https://en.wikipedia.org/wiki?curid=22873052 |
After the Software Wars is a book by Keith Curtis about free software and its importance in the computing industry, specifically about its impact on Microsoft and the proprietary software development model. The book is about the power of mass collaboration and possibilities of reaching up to a singular rationale showin... | https://en.wikipedia.org/wiki?curid=22927673 |
Demand signal repository (DSR) is the data warehouse designed to integrate and cleanse demand data, and leverage that data to consumer goods manufacturers, service retailers, and end customers efficiently. Cleansing it and synchronizing it with syndicated and internal data allows companies to provide business users wit... | https://en.wikipedia.org/wiki?curid=22966464 |
Demand signal repository They should be able to pull data from multiple data sets, share reports securely, create alerts, etc. In addition, users that have specific job requirements, such as price elasticity or analyzing promotional ROI, etc. that aren't handled in their DSR may have an alternate tool they need to use ... | https://en.wikipedia.org/wiki?curid=22966464 |
Commission of Experts on Reforms of the International Monetary and Financial System The Commission of Experts on Reforms of the International Monetary and Financial System, chaired by Joseph Stiglitz and not to be confused with the concurrent Commission on the Measurement of Economic Performance and Social Progress he ... | https://en.wikipedia.org/wiki?curid=22975968 |
Glicksberg's theorem In the study of zero sum games, (also Glicksberg's existence theorem) is a result that shows certain games have a minimax value If "A" and "B" are compact sets, and "K" is an upper semicontinuous or lower semicontinuous function on formula_1, then where "f" and "g" run over Borel probability measur... | https://en.wikipedia.org/wiki?curid=22982050 |
Ethical job An ethical job is a broad term to describe a job which accords with a person's ethics or values. In 2005, "The Guardian" newspaper polled 2,000 undergraduates in the UK, and found that "over 70% of students said that a company's ethical track record is a crucial factor when choosing their employer". A 2005 ... | https://en.wikipedia.org/wiki?curid=22999082 |
Brownian model of financial markets The Brownian motion models for financial markets are based on the work of Robert C. Merton and Paul A. Samuelson, as extensions to the one-period market models of Harold Markowitz and William F. Sharpe, and are concerned with defining the concepts of financial assets and markets, por... | https://en.wikipedia.org/wiki?curid=23004578 |
Brownian model of financial markets null under measure formula_21) subsets of formula_22, then define the augmented filtration: The difference between formula_24 and formula_9 is that the latter is both left-continuous, in the sense that: and right-continuous, such that: while the former is only left-continuous. A shar... | https://en.wikipedia.org/wiki?curid=23004578 |
Brownian model of financial markets The solution to this is: and the discounted stock prices are: Note that the contribution due to the discontinuities in the bond price formula_51 does not appear in this equation. Each stock may have an associated dividend rate process formula_52 giving the rate of dividend payment pe... | https://en.wikipedia.org/wiki?curid=23004578 |
Brownian model of financial markets Therefore, the incremental gains at each trading interval from such a portfolio is: and formula_81 is the total gain over time formula_82, while the total value of the portfolio is formula_83. Define formula_84, let the time partition go to zero, and substitute for formula_85 as defi... | https://en.wikipedia.org/wiki?curid=23004578 |
Brownian model of financial markets In a financial market formula_89, a self-financed portfolio process formula_102 is considered to be an "arbitrage opportunity" if the associated gains process formula_103, almost surely and formula_104 strictly. A market formula_105 in which no such portfolio exists is said to be "vi... | https://en.wikipedia.org/wiki?curid=23004578 |
Brownian model of financial markets Therefore, the formula_2 stocks can be replaced by formula_6 equivalent mutual funds. The "standard martingale measure" formula_139 on formula_140 for the standard market, is defined as: Note that formula_21 and formula_139 are absolutely continuous with respect to each other, i.e. t... | https://en.wikipedia.org/wiki?curid=23004578 |
Brownian model of financial markets A standard financial market formula_89 is complete if and only if formula_167, and the formula_168 volalatily process formula_169 is non-singular for almost every formula_170, with respect to the Lebesgue measure. | https://en.wikipedia.org/wiki?curid=23004578 |
Scorched-earth defense The scorched-earth defense is a form of risk arbitrage and anti-takeover strategy. When a target firm implements this provision, it will make an effort to make itself unattractive to the hostile bidder. For example, a company may agree to liquidate or destroy all valuable assets, also called "cro... | https://en.wikipedia.org/wiki?curid=23011980 |
Marginal utility In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service. In the context of cardinal utility, economists sometimes speak of a law of dimini... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility For reasons of tractability, it is often assumed in neoclassical analysis that goods and services are continuously divisible. Under this assumption, marginal concepts, including marginal utility, may be expressed in terms of differential calculus. can then be defined as the first derivative of total ut... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility Contemporary mainstream economic theory frequently defers metaphysical questions, and merely notes or assumes that preference structures conforming to certain rules can be usefully "proxied" by associating goods, services, or their uses with quantities, and "defines" "utility" as such a quantification.... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility This refers to the increase in utility an individual gains from increasing their consumption of a particular good. "The law of diminishing marginal utility is at the heart of the explanation of numerous economic phenomena, including time preference and the value of goods ... The law says, first, that t... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility The law of diminishing marginal utility is similar to the law of diminishing returns which states that as the amount of one factor of production increases as all other factors of production are held the same, the marginal return (extra output gained by adding an extra unit) decreases. As the rate of co... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility Marginalism explains choice with the hypothesis that people decide whether to effect any given change based on the marginal utility of that change, with rival alternatives being chosen based upon which has the greatest marginal utility. If an individual possesses a good or service whose marginal utilit... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility The "paradox of water and diamonds", usually most commonly associated with Adam Smith, though recognized by earlier thinkers, is the apparent contradiction that water possesses a value far lower than diamonds, even though water is far more vital to a human being. Price is determined by both marginal ut... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility Mainstream neoclassical economics will typically assume that the limit exists, and use “marginal utility” to refer to the partial derivative Accordingly, diminishing marginal utility corresponds to the condition The concept of marginal utility grew out of attempts by economists to explain the determina... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility In "Della moneta" (1751), Abbé Ferdinando Galiani, a pupil of Genovesi, attempted to explain value as a ratio of two ratios, "utility" and "scarcity", with the latter component ratio being the ratio of quantity to use. Anne Robert Jacques Turgot, in "Réflexions sur la formation et la distribution de ri... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility Petersburg paradox, and had concluded that the marginal desirability of money decreased as it was accumulated, more specifically such that the desirability of a sum were the natural logarithm (Bernoulli) or square root (Cramer) thereof. However, the more general implications of this hypothesis were not... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility In 1854, Hermann Heinrich Gossen published "Die Entwicklung der Gesetze des menschlichen Verkehrs und der daraus fließenden Regeln für menschliches Handeln", which presented a marginal utility theory and to a very large extent worked-out its implications for the behavior of a market economy. However, G... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility Carl Menger presented the theory in "Grundsätze der Volkswirtschaftslehre" (translated as "Principles of Economics") in 1871. Menger's presentation is peculiarly notable on two points. First, he took special pains to explain "why" individuals should be expected to rank possible uses and then to use mar... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility Although the Marginal Revolution flowed from the work of Jevons, Menger, and Walras, their work might have failed to enter the mainstream were it not for a second generation of economists. In England, the second generation were exemplified by Philip Henry Wicksteed, by William Smart, and by Alfred Mars... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility This theory was adopted in full and then further developed by Knut Wicksell and with modifications including formal disregard for time-preference by Wicksell's American rival Irving Fisher. Marshall was the second-generation marginalist whose work on marginal utility came most to inform the mainstream ... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility However the first volume of "Das Kapital" was not published until July 1867, after the works of Jevons, Menger, and Walras were written or well under way (Walras published "Éléments d'économie politique pure" in 1874 and Carl Menger published "Principles of Economics" in 1871); and Marx was still a rel... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility However, over the course of the 20th century a considerable literature developed on the conflict between marginalism and the labour theory of value, with the work of the neo-Ricardian economist Piero Sraffa providing an important critique of marginalism. It might also be noted that some followers of He... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility ) Although some of the third generation of Austrian School economists had by 1911 rejected the quantification of utility while continuing to think in terms of marginal utility, most economists presumed that utility must be a sort of quantity. Indifference curve analysis seemed to represent a way to dis... | https://en.wikipedia.org/wiki?curid=23014670 |
Marginal utility A major reason why quantified models of utility are influential today is that risk and uncertainty have been recognized as central topics in contemporary economic theory. Quantified utility models simplify the analysis of risky decisions because, under quantified utility, diminishing marginal utility i... | https://en.wikipedia.org/wiki?curid=23014670 |
Oil 101 is a 2009 book by New York based American commodities trader Morgan Downey. Downey has been cited in the press as an expert in oil markets, "Oil 101" was called a "must read" by a "Financial Times" blogger. and a leading oil blog reviewed the book as an addition to its select group of top oil books. IBM's Smart... | https://en.wikipedia.org/wiki?curid=23017626 |
Variance risk premium is a phenomenon on the variance swap market, of the variance swap strike being greater than the realized variance on average. For most trades, the buyer of variance ends up with a loss on the trade, while the seller profits. The amount that the buyer of variance typically loses in entering into th... | https://en.wikipedia.org/wiki?curid=23020761 |
Variance risk premium This suggests that investors are willing to pay extra money to enter into variance because they dislike variance, not just because it is anti-correlated with stock prices, but on its own right. This leads to many considering variance as an asset class in and of itself. In the years before the 2008... | https://en.wikipedia.org/wiki?curid=23020761 |
Elemental chlorine free (ECF) is a technique that uses chlorine dioxide for the bleaching of wood pulp. It does not use elemental chlorine gas during the bleaching process and prevents the formation of dioxins and dioxin-like compounds, carcinogens. The traditional ECF sequence is DEopDEpD using the common letter symbo... | https://en.wikipedia.org/wiki?curid=23021779 |
Knowledge Economic Index The Knowledge Indexes were designed as an interactive tool for benchmarking a country's position vis-a-vis others in the global knowledge economy. It was created by the World Bank Institute using the Knowledge Assessment Methodology (KAM). The Knowledge Index or KI is an economic indicator prep... | https://en.wikipedia.org/wiki?curid=23050383 |
Consumer leverage ratio The consumer leverage ratio, a concept popularized by William Jarvis and Dr. Ian C MacMillan in a series of articles in the Harvard Business Review, is the ratio of total household debt, as reported by the Federal Reserve System, to disposable personal income, as reported by the US Department of... | https://en.wikipedia.org/wiki?curid=23055518 |
Scottish Index of Multiple Deprivation The Scottish index of multiple deprivation (SIMD) is a statistical tool used by local authorities, the Scottish government, the NHS and other government bodies in Scotland to support policy and decision making. It won the Royal Statistical Society's Excellence in Official Statisti... | https://en.wikipedia.org/wiki?curid=23061167 |
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