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Economic model One reason, emphasized by Friedrich Hayek, is the claim that many of the true forces shaping the economy can never be captured in a single plan. This is an argument that cannot be made through a conventional (mathematical) economic model because it says that there are critical systemic-elements that will... | https://en.wikipedia.org/wiki?curid=638834 |
Traditional economy A traditional economic system is based of customs, history and time-honored beliefs. A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution. Countries that use... | https://en.wikipedia.org/wiki?curid=640638 |
Minimax theorem A minimax theorem is a theorem providing conditions that guarantee that the max–min inequality is also an equality. The first theorem in this sense is von Neumann's minimax theorem from 1928, which was considered the starting point of game theory. Since then, several generalizations and alternative vers... | https://en.wikipedia.org/wiki?curid=645602 |
Democratic capitalism is an economic system that combines capitalism and a strong welfare state curbing the excesses of individual freedom. The coexistence of capitalism and democracy, particularly in Europe, was supported by the creation of the modern welfare state in the post-war period which enabled a relatively sta... | https://en.wikipedia.org/wiki?curid=647199 |
Managerial finance is the branch of finance that concerns itself with the managerial significance of finance techniques. It is focused on assessment rather than technique. The difference between a managerial and a technical approach can be seen in the questions one might ask of annual reports. The concern of a technica... | https://en.wikipedia.org/wiki?curid=648115 |
Managerial finance To accomplish these goals managerial finance uses the following techniques borrowed from Corporate finance: | https://en.wikipedia.org/wiki?curid=648115 |
Consumer debt In economics, consumer debt is the amount owed by consumers (as opposed to amounts owed by businesses or governments). It includes debts incurred on purchase of goods that are consumable and/or do not appreciate. In macroeconomic terms, it is debt which is used to fund consumption rather than investment. ... | https://en.wikipedia.org/wiki?curid=650198 |
Consumer debt The interest rate charged depends on a range of factors, including the economic climate, perceived ability of the customer to repay, competitive pressures from other lenders, and the inherent structure and security of the credit product. Rates generally range from 0.25 percent above base rate, to well int... | https://en.wikipedia.org/wiki?curid=650198 |
Fisc Under the Merovingians and Carolingians, the fisc (from Latin "fiscus," whence we derive "fiscal") applied to the royal demesne which paid taxes, entirely in kind, from which the royal household was meant to be supported, though it rarely was. Though their personal territory was at first enormous, the Merovingian ... | https://en.wikipedia.org/wiki?curid=650998 |
Cooperative game theory In game theory, a cooperative game (or coalitional game) is a game with competition between groups of players ("coalitions") due to the possibility of external enforcement of cooperative behavior (e.g. through contract law). Those are opposed to non-cooperative games in which there is either no ... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory While it would thus be possible to have all games expressed under a non-cooperative framework, in many instances insufficient information is available to accurately model the formal procedures available to the players during the strategic bargaining process, or the resulting model would be of to... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory The "Harsanyi dividend" (named after John Harsanyi, who used it to generalize the Shapley value in 1963) identifies the surplus that is created by a coalition of players in a cooperative game. To specify this surplus, the worth of this coalition is corrected by the surplus that is already create... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory For more details on cooperative game duality, see for instance . Let formula_29 be a non-empty coalition of players. The "subgame" formula_30 on formula_25 is naturally defined as In other words, we simply restrict our attention to coalitions contained in formula_25. Subgames are useful because ... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory 1): More generally, a complete investigation of the relation among the four conventional axioms (monotonicity, properness, strongness, and non-weakness), finiteness, and algorithmic computability has been made (Kumabe and Mihara, 2011), whose results are summarized in the Table "Existence of Sim... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory Some properties to look for in a solution concept include: An efficient payoff vector is called a "pre-imputation", and an individually rational pre-imputation is called an imputation. Most solution concepts are imputations. The stable set of a game (also known as the "von Neumann-Morgenstern so... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory Therefore, no coalition has incentive to leave the grand coalition and receive a larger payoff. For simple games, there is another notion of the core, when each player is assumed to have preferences on a set formula_102 of alternatives. A "profile" is a list formula_103 of individual preferences... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory A variant by Kumabe and Mihara states that the core formula_120 is nonempty for all profiles formula_110 of preferences that have a "maximal element" if and only if the cardinal number of formula_102 is less than the Nakamura number of formula_9. (See Nakamura number for details.) Because the co... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory The Shapley value of a superadditive game is individually rational, but this is not true in general. Let formula_2 be a game, and let formula_54 be an efficient payoff vector. The "maximum surplus" of player "i" over player "j" with respect to "x" is the maximal amount player "i" can gain withou... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory Notice that formula_68 is in the core of formula_21 if and only if it is a pre-imputation and formula_172. To define the nucleolus, we consider the lexicographic ordering of vectors in formula_173: For two payoff vectors formula_174, we say formula_175 is lexicographically smaller than formula_1... | https://en.wikipedia.org/wiki?curid=657958 |
Cooperative game theory Specifically, a game is "convex" if its characteristic function formula_21 is supermodular: It can be shown (see, e.g., Section V.1 of ) that the supermodularity of formula_21 is equivalent to that is, "the incentives for joining a coalition increase as the coalition grows" , leading to the afor... | https://en.wikipedia.org/wiki?curid=657958 |
Staffing refers to finding the right person for the right job having right qualification,at the right time. It is the process of acquiring, deploying, and retaining a workforce of sufficient quantity and quality to create positive impacts on the organization’s effectiveness. In management, the meaning of staffing is an... | https://en.wikipedia.org/wiki?curid=661641 |
Staffing If the requirement exceeds available staff, then the organization is understaffed. If the available staff exceeds the requirements, then the organization is overstaffed. Overstaffed means that the organization needs to stop hiring and maybe layoff. Understaffed means it is time to start the staffing. The quali... | https://en.wikipedia.org/wiki?curid=661641 |
Staffing As such, the analysis focuses on duties, responsibilities, knowledge, skills, and other characteristics required to perform the job. Part of the recruiting process the organization will have to decide to recruit internally or externally. Internal recruiting is when an organization intends to fill a vacancy fro... | https://en.wikipedia.org/wiki?curid=661641 |
Staffing External recruitment benefits are that it increases your chances of recruiting experienced and qualified candidates. The disadvantages are new recruits will have a limited understanding of the company and company culture and internal disputes are bound to arise if existing employees feel that they were more su... | https://en.wikipedia.org/wiki?curid=661641 |
Staffing Employment is the process of hiring individual that was selected in the section process. The first thing that the organization would do is to proposal a job offer. The job offer should include starting date, duration of contract, compensation, starting rate, benefits and hours. Next thing the organization shou... | https://en.wikipedia.org/wiki?curid=661641 |
Staffing Retention methods have a positive impact on the organization’s turnover rate: Life Work Solutions is a provider of staffing retention and has provided the following information on turnover rate: Organizational culture is simply defined as the values and behaviors that contribute to the unique environment of th... | https://en.wikipedia.org/wiki?curid=661641 |
Staffing agencies are the experts at staffing companies. They have all of the tools and knowledge to find the perfect applicants for the jobs each company needs to fill. agencies have a wide network available of contacts who are looking for jobs. If a company has an unexpected need to fill a position, a staffing agency... | https://en.wikipedia.org/wiki?curid=661641 |
Environment minister An environment minister (sometimes minister of the environment or secretary of the environment) is a cabinet position charged with protecting the natural environment and promoting wildlife conservation. The areas associated with the duties of an "environmental minister" depends largely of the needs... | https://en.wikipedia.org/wiki?curid=663574 |
Econophysics is a heterodox interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Some of its application to the study of financial markets has also b... | https://en.wikipedia.org/wiki?curid=664332 |
Econophysics Unsatisfied with the traditional explanations and approaches of economists – which usually prioritized simplified approaches for the sake of soluble theoretical models over agreement with empirical data – they applied tools and methods from physics, first to try to match financial data sets, and then to ex... | https://en.wikipedia.org/wiki?curid=664332 |
Econophysics In recent years network science, heavily reliant on analogies from statistical mechanics, has been applied to the study of productive systems. That is the case with the works done at the Santa Fe Institute in European Funded Research Projects as Forecasting Financial Crises and the Harvard-MIT Observatory ... | https://en.wikipedia.org/wiki?curid=664332 |
Econophysics Eugene Stanley, Victor Yakovenko and Yi-Cheng Zhang. Particularly noteworthy among the formal courses on econophysics is the one offered by Diego Garlaschelli at the Physics Department of the Leiden University, from where the first Nobel-laureate in economics Jan Tinbergen came. From September 2014 King's ... | https://en.wikipedia.org/wiki?curid=664332 |
Econophysics The statistical mechanics model is not constructed a-priori - it is a result of a bounded rational assumption and modeling on existing neoclassical models. It has been used to prove the "inevitability of collusion" result of Huw Dixon in a case for which the neoclassical version of the model does not predi... | https://en.wikipedia.org/wiki?curid=664332 |
Econophysics Another good example is random matrix theory, which can be used to identify the noise in financial correlation matrices. One paper has argued that this technique can improve the performance of portfolios, e.g., in applied in portfolio optimization. There are, however, various other tools from physics that ... | https://en.wikipedia.org/wiki?curid=664332 |
Econophysics Some economists, including Mauro Gallegati, Steve Keen, Paul Ormerod, and Alan Kirman have shown more interest, but also criticized some trends in econophysics. In contrast, econophysics is having some impact on the more applied field of quantitative finance, whose scope and aims significantly differ from ... | https://en.wikipedia.org/wiki?curid=664332 |
Econophysics a price statistics with much more than 10 data). I.e., the events considered are not simply "outliers" but must really be taken into account and cannot be "insured away". It appears that it also plays a role that near a change of the tendency (e.g. from falling to rising prices) there are typical "panic r... | https://en.wikipedia.org/wiki?curid=664332 |
Symmetrical inflation target A symmetrical inflation target is a requirement placed on a central bank to respond when inflation is too low as well as when inflation is too high. For example, the Bank of England and the Bank of Canada have symmetrical inflation targets. In contrast, the European Central Bank has a non-s... | https://en.wikipedia.org/wiki?curid=665275 |
Eonia (Euro Overnight Index Average) is computed as a weighted average of all overnight unsecured lending transactions in the interbank market, undertaken in the European Union and European Free Trade Association (EFTA) countries by the Panel Banks. It is reported on an ACT/360 day count convention and is displayed to ... | https://en.wikipedia.org/wiki?curid=667117 |
Eco-capitalism Eco-capitalism, also known as environmental capitalism or (sometimes) green capitalism, is the view that capital exists in nature as "natural capital" (ecosystems that have ecological yield) on which all wealth depends. Therefore, governments should use market-based policy-instruments (such as a carbon t... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism As one of the first eco-capitalist organizations created, PERC's ongoing mission is "improving environmental quality through property rights and markets". The most popular eco-capitalist idea was emissions trading, or more commonly, cap and trade. Emissions trading, a market-based approach that allows po... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism On a corporate scale, the government can regulate carbon emissions and other polluting factors in business practices forcing companies to either reduce their pollution levels, externalize these costs onto their consumers by raising the cost of their goods/services, and/or a combination of the two. These ... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism A 2015 report from Nielsen lends credence to this theory. According to the report, consumers have more brand loyalty and are willing to pay higher prices for a product that is perceived as being sustainable. This is especially true among Millennials and Generation Z. These generations currently make up 4... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism Especially in the case of tradable pollution credits, the resulting market-based system of emissions regulation is believed to motivate businesses to invest in technology that reduce greenhouse gas emissions using positive reinforcement (i.e. ability to trade unused credits) and punishment (i.e. the need... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism An alternative to GDP, the genuine progress indicator compensates for the shortcomings of the GDP as a welfare indicator by accounting for environmental harms as well as other factors that affect consumption, such as crime and income inequality. Majority of the criticism from traditionally unregulated ca... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism Political theorist, Antonio Gramsci, cites theories of common sense, which suggests that, in general, free market capitalism absent of environmental reform, is ingrained in the minds of its members as the only viable and successful form of economic organization through cultural hegemony. Therefore, the p... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism In contrast, in green capitalism, the government would have more control therefore; consumers do not have direct power over the market, and should not be held accountable. Thus, going against the established monetary system of capitalism in the U.S. and spread throughout the globally. Environmental Schol... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism Nonetheless, they have shaped the way the majority public has viewed and contributed to capitalism and continue to both actively change the innate structure of the economic system and enhance it for further economic stability. Tom Randall, a correspondent specializing in renewable energy for Bloomberg, c... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism The demand for renewable energy sources has skyrocketed in the last 15 years, while fossil fuels have drastically fallen in demand (in capitalist societies). The worldwide concern of climate change (also known as global warming) is notably the largest contributor to the green energy industry's rapid acce... | https://en.wikipedia.org/wiki?curid=673858 |
Eco-capitalism In capitalist markets, solar energy has the very real potential of becoming a direct competitor to coal plants in less than a decade. While there can be many barriers to the transition to an eco-capitalist system, one of the most daunting and forgotten is the systemic barrier that can be created by forme... | https://en.wikipedia.org/wiki?curid=673858 |
Prime rate A prime rate or prime lending rate is an interest rate used by banks, usually the interest rate at which banks lend to customers with good credit. Some variable interest rates may be expressed as a percentage above or below prime rate. Historically, in North American banking, the prime rate was the actual in... | https://en.wikipedia.org/wiki?curid=680340 |
Prime rate Effective January 2, 2015, the Base Lending Rate (BLR) structure was replaced with a new Base Rate (BR) system. Under BR, which will now serve as the main reference rate for new retail floating rate loans, banks in Malaysia can determine their interest rate based on a formula set by Bank Negara, the Malaysia... | https://en.wikipedia.org/wiki?curid=680340 |
Wall Street Journal prime rate The Wall Street Journal Prime Rate (WSJ Prime Rate) is a measure of the U.S. prime rate, defined by The Wall Street Journal (WSJ) as "the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks". It is not the "best" rate offered by banks. It should not be confuse... | https://en.wikipedia.org/wiki?curid=680980 |
Space elevator economics compares the cost of sending a payload into Earth orbit via a space elevator with the cost of doing so with alternatives, like rockets. The costs of using a well-tested system to launch payloads are high. Prices range from about $2,350/kg for a Falcon Heavy launch to about US$40,000/kg for a Pe... | https://en.wikipedia.org/wiki?curid=683436 |
Space elevator economics Using wholesale electricity prices for 2008 to 2009, and the current 0.5% efficiency of power beaming, a space elevator would require US$220/kg just in electrical costs. Dr. Edwards expects technical advances to increase the efficiency to 2%. However, due to the fact that space elevators would ... | https://en.wikipedia.org/wiki?curid=683436 |
Space elevator economics Another alternative project to get large numbers of people and cargo to orbit inexpensively during this time frame is the SpaceX Starship which, like Skylon, is not a conventional rocket design as it will be fully reusable. Its cargo capacity will be between , is estimated to have an R&D cost o... | https://en.wikipedia.org/wiki?curid=683436 |
Accelerator effect The accelerator effect in economics is a positive effect on private fixed investment of the growth of the market economy (measured e.g. by a change in Gross Domestic Product). Rising GDP (an economic boom or prosperity) implies that businesses in general see rising profits, increased sales and cash f... | https://en.wikipedia.org/wiki?curid=683628 |
Accelerator effect Usually, the variable is the capital stock. In Keynesian models, fixed capital is not in consideration, so the accelerator coefficient becomes the reciprocal of the multiplier and the capital decision degenerates to investment decision. In more general theory, where the capital decision determines th... | https://en.wikipedia.org/wiki?curid=683628 |
Accelerator effect That is, net investment, "I" equals: Suppose that "k" = 2 (usually, k is assumed to be in (0,1)). This equation implies that if "Y" rises by 10, then net investment will equal 10×2 = 20, as suggested by the accelerator effect. If "Y" then rises by only 5, the equation implies that the level of invest... | https://en.wikipedia.org/wiki?curid=683628 |
Accelerator effect Because the expected level of output plays a role, this model exhibits behavior described by the accelerator effect but less extreme than that of the simple accelerator. Because the existing capital stock grows over time due to past net investment, a "slowing" of the growth of output (GDP) can cause ... | https://en.wikipedia.org/wiki?curid=683628 |
Net investment In economics, net investment is spending which increases the availability of fixed capital goods or means of production and goods inventories. It is the total spending on newly produced physical capital (fixed investment) and on inventories (inventory investment)—that is, gross investment—minus replaceme... | https://en.wikipedia.org/wiki?curid=683683 |
Austerity is a set of political-economic policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. measures are used by governments that find it difficult to pay their debts. The measures are meant to reduce the budget deficit by bringing government revenues ... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity measures are typically pursued if there is a threat that a government cannot honour its debt obligations. This may occur when a government has borrowed in foreign currencies (that it has no right to issue), or if it has been legally forbidden from issuing its own currency. Alberto Alesina, Carlo Favero, and F... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity ) According to Mark Blyth, the concept of austerity emerged in the 20th century, when large states acquired sizable budgets. However, Blyth argues that the theories and sensibilities about the role of the state and capitalist markets that underline austerity emerged from the 17th century onwards. is grounded ... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity Across an economy, one person's spending is another person's income. In other words, if everyone is trying to reduce their spending, the economy can be trapped in what economists call the paradox of thrift, worsening the recession as GDP falls. In the past this has been offset by encouraging consumerism to re... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity ) Economists Kenneth Rogoff and Carmen Reinhart wrote in April 2013, ""seldom works without structural reforms – for example, changes in taxes, regulations and labor market policies – and if poorly designed, can disproportionately hit the poor and middle class. Our consistent advice has been to avoid withdraw... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity In many countries, little is known about the size of multipliers, as data availability limits the scope for empirical research. For these countries, Nicoletta Batini, Luc Eyraud and Anke Weber propose a simple method—dubbed the "bucket approach"—to come up with reasonable multiplier estimates. The approach bu... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity How this affects output, employment, and growth depends on what happens to interest rates: When the economy is operating near capacity, government borrowing to finance an increase in the deficit causes interest rates to rise and higher interest rates reduce or 'crowd out' private investment, reducing growth. ... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity Wolf explained that government fiscal balance is one of three major financial sectoral balances in a country's economy, along with the foreign financial sector (capital account) and the private financial sector. By definition, the sum of the surpluses or deficits across these three sectors must be zero. In th... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity The collapse is explained by the massive shift of the private sector from financial deficit into surplus or, in other words, from boom to bust."" Wolf also wrote that several European economies face the same scenario and that a lack of deficit spending would likely have resulted in a depression. He argued tha... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity Part of this investment reduction was related to the housing market, a major component of investment. This surplus explains how even significant government deficit spending would not increase interest rates (because businesses still have access to ample savings if they choose to borrow and invest it, so inter... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity 8 percent of GDP), which suggests that the government is not doing enough to offset private sector deleveraging." Many scholars have argued that how the debate surrounding austerity is framed has a heavy impact on the view of austerity in the public eye, and how the public understands macroeconomics as a whol... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity In layman's terms, if a loaf of bread costs £1 in 2014, and the minimum/average wage goes up also, the companies realise that they can get more selling that same loaf of bread for £1.20, creating inflation which devalues the currency; the OECD opted to view the wages as the cause, rather than the companies se... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity 4% of GDP in 2010 to 9.6% in 2011. Iceland, Italy, Ireland, Portugal, France, and Spain also decreased their budget deficits from 2010 to 2011 relative to GDP but the austerity policy of the Eurozone achieves not only the reduction of budget deficits. The goal of economic consolidation influences the future d... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity Economist Martin Wolf analyzed the relationship between cumulative GDP growth in 2008 to 2012 and total reduction in budget deficits due to austerity policies in several European countries during April 2012 (see chart at right). He concluded, ""In all, there is no evidence here that large fiscal contractions ... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity On 27 June 2011, trade union organizations began a 48-hour labour strike in advance of a parliamentary vote on the austerity package, the first such strike since 1974. Massive demonstrations were organized throughout Greece, intended to pressure members of parliament into voting against the package. The secon... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity Although the government debt increased only 6% between 2009 and 2017 (from €300 bn to €318 bn) — thanks, in part, to the 2012 debt restructuring —, the critical debt-to-GDP ratio shot up from 127% to 179% mostly due to the severe GDP drop during the handling of the crisis. In all, the Greek economy suffered t... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity In the legislative elections in June, Hollande's Socialist Party won a supermajority capable of amending the French Constitution and enabling the immediate enactment of the promised reforms. Interest rates on French government bonds fell by 30% to record lows, fewer than 50 basis points above German governmen... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity The government of Prime Minister Valdis Dombrovskis remained committed to fiscal prudence and reducing the fiscal deficit from 7.7% of GDP in 2010, to 2.7% of GDP in 2012." The CIA estimated that Latvia's GDP declined by 0.3% in 2010, then grew by 5.5% in 2011 and 4.5% in 2012. Unemployment was 12.8% in 2011 ... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity It's not what you'd call a triumphant success story, any more than the partial US recovery from 1933 to 1936—which was actually considerably more impressive—represented a huge victory over the Depression. And it's in no sense a refutation of Keynesianism, either. Even in Keynesian models, a small open economy... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity The government intended to achieve both of its goals through substantial reductions in public expenditure. This was to be achieved by a combination of public spending reductions and tax increases. Economists Alberto Alesina, Carlo A. Favero and Francesco Giavazzi, writing in "Finance & Development" in 2018, a... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity More studies claim adverse effects of austerity on population health, which include an increase in the mortality rate among pensioners which has been linked to unprecedented reductions in income support, an increase in suicides and the prescription of antidepressants for patients with mental health issues, an... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity Complaints include such measures being "anti-developmental", "self-defeating", and tending "to have an adverse impact on the poorest segments of the population". In many situations, austerity programs are implemented by countries that were previously under dictatorial regimes, leading to criticism that citize... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity Opponents point to cases in Ireland and Spain in which austerity measures instituted in response to financial crises in 2009 proved ineffective in combating public debt and placed those countries at risk of defaulting in late 2010. In October 2012, the IMF announced that its forecasts for countries that imple... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity " Government spending actually rose significantly under Hoover, while revenues were flat. Strategies that involve short-term stimulus with longer-term austerity are not mutually exclusive. Steps can be taken in the present that will reduce future spending, such as "bending the curve" on pensions by reducing c... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity " Federal Reserve Chair Ben Bernanke wrote in September 2011, "the two goals—achieving fiscal sustainability, which is the result of responsible policies set in place for the longer term, and avoiding creation of fiscal headwinds for the recovery—are not incompatible. Acting now to put in place a credible pla... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity According to economist David Stuckler and physician Sanjay Basu in their study "The Body Economic: Why Kills", a health crisis is being triggered by austerity policies, including up to 10,000 additional suicides that have occurred across Europe and the U.S. since the introduction of austerity programs. Much o... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity As the economy is boosted by government spending, the increased output yields higher tax revenue, and so we have where formula_5 is a baseline marginal tax-and-transfer rate. Also, we need to take account of the economy's long-run growth rate formula_6, as a steady economic growth rate may reduce its debt-to-... | https://en.wikipedia.org/wiki?curid=684037 |
Austerity Therefore, if the government increases sales taxes, then it reduces the tax base due to its negative effect on the demand, and it upsets the budget balance. Supporters of austerity measures tend to use the metaphor that a government's debt is like a household's debt. They intend to convince people of the noti... | https://en.wikipedia.org/wiki?curid=684037 |
Barclaycard (; stylized as barclaycard) is a brand for credit cards of Barclays PLC. , Barclays had over ten million customers in the United Kingdom. Barclays launched on 29 June 1966, initially as a charge card, but following Bank of England agreement to the offering of revolving credit, it became the first credit car... | https://en.wikipedia.org/wiki?curid=685429 |
Barclaycard At the time of the announcement, Citi said it was "committed to working with Barclays on a seamless transfer of the customer accounts, ensuring continuation of the high level of service to which customers are accustomed". In June 2012, Barclays acquired Analog Analytics, a digital coupon and daily deal busi... | https://en.wikipedia.org/wiki?curid=685429 |
Mechanism design is a field in economics and game theory that takes an objectives-first approach to designing economic mechanisms or incentives, toward desired objectives, in strategic settings, where players act rationally. Because it starts at the end of the game, then goes backwards, it is also called reverse game t... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design However, in mechanism design the principal does have one advantage: He may design a game whose rules can influence others to act the way he would like. Without mechanism design theory, the principal's problem would be difficult to solve. He would have to consider all the possible games and choose the o... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design The timing of the game is: In order to understand who gets what, it is common to divide the outcome formula_5 into a goods allocation and a money transfer, formula_9 where formula_10 stands for an allocation of goods rendered or received as a function of type, and formula_11 stands for a monetary trans... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design The principle allows one to solve for a Bayesian equilibrium by assuming all players truthfully report type (subject to an incentive compatibility constraint). In one blow it eliminates the need to consider either strategic behavior or lying. Its proof is quite direct. Assume a Bayesian game in which t... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design If agents find it optimal to truthfully report type, we say such a mechanism is truthfully implementable (or just "implementable"). The task is then to solve for a truthfully implementable formula_27 and impute this transfer function to the original game. An allocation formula_28 is truthfully implemen... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design The first piece says the agent's marginal rate of substitution (MRS) increases as a function of the type, In short, agents will not tell the truth if the mechanism does not offer higher agent types a better deal. Otherwise, higher types facing any mechanism that punishes high types for reporting will l... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design These assumptions are sufficient to provide that any monotonic formula_28 is implementable (a formula_27 exists that can implement it). In addition, in the single-good setting the single-crossing condition is sufficient to provide that only a monotonic formula_28 is implementable, so the designer can c... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design The VCG designer designs an incentive compatible (hence truthfully implementable) mechanism to obtain the true type profile, from which the designer implements the socially optimal allocation The cleverness of the VCG mechanism is the way it motivates truthful revelation. It eliminates incentives to mi... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design A social choice function "f"() is dictatorial if one agent always receives his most-favored goods allocation, The theorem states that under general conditions any truthfully implementable social choice function must be dictatorial if, show there is no efficient way for two parties to trade a good when ... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design Due to the IC condition it has to give every type a good enough deal that the type prefers its deal to that of any other. A trick given by Mirrlees (1971) is to use the envelope theorem to eliminate the transfer function from the expectation to be maximized, Integrating, where formula_71 is some index ... | https://en.wikipedia.org/wiki?curid=689895 |
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