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Rostow's stages of growth Below is an outline of Rostow's six stages of growth: Rostow claimed that these stages of growth were designed to tackle a number of issues, some of which he identified himself, writing: "Under what impulses did traditional, agricultural societies begin the process of their modernization? When... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth It disagrees with Friedrich List's argument which states that economies which rely on exports of raw materials may get "locked in", and would not be able to diversify, regarding this Rostow's model states that economies may need to depend on raw material exports to finance the development of i... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth All of that this can result in increases in output, but never beyond an upper limit which cannot be crossed. Trade is predominantly regional and local, largely done through barter, and the monetary system is not well developed. Investment's share never exceeds 5% of total economic production. ... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth This social structure was generally feudalistic in nature. Under modern conditions, these characteristics have been modified by outside influences, but the least developed regions and societies fit this description quite accurately.. In the second stage of economic growth the economy undergoes... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth Lastly, the surplus attained should not be wasted on the conspicuous consumption of the land owners or the state, but should be spent on the development of industries, infrastructure and thereby prepare for self-sustained growth of the economy later on. Furthermore, agriculture becomes commerc... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth Government plays the driving role in development of social overhead capital as it is rarely profitable, it has a long gestation period, and the pay-offs accrue to all economic sectors, not primarily to the investing entity; thus the private sector is not interested in playing a major role in i... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth As Rostow suggests, all is premised on a sharp stimulus (or multiple stimuli) that is/are any or all of economic, political and technological change. The main feature of this stage is rapid, self-sustained growth. Take-off occurs when sector led growth becomes common and society is driven more... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth The third requirement implies that the needed capital must be mobilized from domestic resources and steered into the economy, rather than into domestic or state consumption. Industrialization becomes a crucial phenomenon as it helps to prepare the basic structure for structural changes on a ma... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth The ability of a country to make it through this stage depends on the following major factors: An example of a country in the Take-off stage of development is Equatorial Guinea. It has the largest increases in GDP growth since 1980 and the rate of productive investment has risen from 5% to ove... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth The structural changes in the society during this stage are in three ways: During this stage a country has to decide whether the industrial power and technology it has generated is to be used for the welfare of its people or to gain supremacy over others, or the world "in toto". A prime exampl... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth So too, in the age of high mass-consumption, a society is able to choose between concentrating on military and security issues, on equality and welfare issues, or on developing great luxuries for its upper class. Each country in this position chooses its own balance between these three goals. ... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth This stage was later discussed in Rostow's book "Politics and the Stages of Growth" published in 1971, in which he called the stage "the search for quality". Rostow's thesis is biased towards a western model of modernization, but at the time of Rostow the world's only mature economies were in ... | https://en.wikipedia.org/wiki?curid=739974 |
Rostow's stages of growth This does leave a potential "grim meathook future" for the outliers, which do not have the resources, political will, or external backing to become competitive with already developed economies. (See Dependency theory) | https://en.wikipedia.org/wiki?curid=739974 |
Backwardness is a lack of progress by a person or group to some perceived cultural norm of advancement, such as for example traditional societies relative to modern scientific and technologically advanced industrialized societies. The Model is a theory of economic growth created by Alexander Gerschenkron. The model pos... | https://en.wikipedia.org/wiki?curid=744176 |
Market fundamentalism Market fundamentalism, also known as free-market fundamentalism, is a term applied to a strong belief in the ability of unregulated "laissez-faire" or free-market capitalist policies to solve most economic and social problems. Palagummi Sainath believes Jeremy Seabrook, a journalist and campaigner... | https://en.wikipedia.org/wiki?curid=744849 |
Market fundamentalism Joseph Stiglitz used the term in his autobiographical essay in acceptance of Nobel Memorial Prize in Economic Sciences to criticize some International Monetary Fund policies, arguing: "More broadly, the IMF was advocating a set of policies which is generally referred to alternatively as the Washin... | https://en.wikipedia.org/wiki?curid=744849 |
Market fundamentalism Critics claim that in modern society with worldwide conglomerates, or even merely large companies, the individual has no protection against fraud nor harm caused by products that maximize income by imposing externalities on the individual consumer as well as society. Historian Edward E. Baptist co... | https://en.wikipedia.org/wiki?curid=744849 |
Generalized game In computational complexity theory, a generalized game is a game or puzzle that has been generalized so that it can be played on a board or grid of any size. For example, generalized chess is the game of chess played on an "n×n" board, with 2"n" pieces on each side. Generalized Sudoku includes Sudokus ... | https://en.wikipedia.org/wiki?curid=746550 |
Dependency theory is the notion that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former. It is a central contention of dependency theory that poor states are impoverished and rich ones enriched by the way poor states are i... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory Dependency theorists typically divides into two different categories surrounding the theory: liberal reformists and neo-Marxists. Those that align with liberal reformists typically believe that targeted policy intervention is the most effective approach to improving lives. Comparatively, neo-Marxists ... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory shares many points with earlier, Marxist, theories of imperialism by Rosa Luxemburg and Vladimir Lenin, and has attracted continued interest from Marxists. Some authors identify two main streams in dependency theory: the Latin American Structuralist, typified by the work of Prebisch, Celso Furtado, an... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory The Latin American Structuralist and the American Marxist schools had significant differences but agreed on some basic points:[B]oth groups would agree that at the core of the dependency relation between center and periphery lays [lies] the inability of the periphery to develop an autonomous and dynam... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory In the older of the two, plantation agriculture, which originated in colonial times, most of the surplus goes to the landowners, who use it to emulate the consumption patterns of wealthy people in the developed world; much of it thus goes to purchase foreign-produced luxury items –automobiles, clothes... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory They were led to the position that dependency is not a relation between commodity exporters and industrialised countries, but between countries with different degrees of industrialisation. In their approach, there is a distinction made between the economic and political spheres: economically, one may ... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory He believes that the hegemonic position of the United States is very strong because of the importance of its financial markets and because it controls the international reserve currency – the US dollar. He believes that the end of the Bretton Woods international financial agreements in the early 1970s... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory With the economic growth of India and some East Asian economies, dependency theory has lost some of its former influence. It still influences some NGO campaigns, such as Make Poverty History and the fair trade movement. Two other early writers relevant to dependency theory were François Perroux and Ku... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory Wallerstein believed in a tri-modal rather than a bi-modal system because he viewed the world-systems as more complicated than a simplistic classification as either core or periphery nations. To Wallerstein, many nations do not fit into one of these two categories, so he proposed the idea of a semi-pe... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory Giovanni Arrighi believed that the logic of accumulation on a world scale shifts over time, and that the 1980s and beyond once more showed a deregulated phase of world capitalism with a logic, characterized - in contrast to earlier regulatory cycles - by the dominance of financial capital. It is argue... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory India's example seems to contradict dependency theorists' claims concerning comparative advantage and mobility, as much as its economic growth originated from movements such as outsourcing – one of the most mobile forms of capital transfer. South Korea and North Korea provide another example of trade-... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory Worlds such as developed and underdeveloped that construct the argument of dependency theory are subjective and different people will view these different terms in different lights. Many nations have been affected by both the positive and negative effects of the Dependency Theory. The idea of national... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory Other scholars counter this approach, and state that our society still has national powerhouses such as the United States, European Nations such as Germany and Britain, China, and rising India that hundreds of other nations rely on for military aid, economic investments, etc. An example of this is the... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory Aid dependency is most common today in Africa. The top donors as of 2013 were the United States, the United Kingdom, and Germany while the top receivers were Afghanistan, Vietnam, and Ethiopia. International development aid became widely popularized post World-War Two due to first-world countries tryi... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory From these studies they found that US aid flows are influenced by military as well as strategic factors. British and French aid is given to countries that were former colonies, and also to countries in which they have significant investment interest and strong trade relations. A main concern revolving... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory This occurred in Haiti, where 80% of their grain stocks come from the United States even after a large decrease in aid. In countries where there is a primary-product dependency on an item being imported as aid, such as wheat, economic shocks can occur and push the country further into an economic cris... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory As aid dependence can shift accountability away from the public and to being between state and donors, “presidentialism” can arise. Presidentialism is when the president and the cabinet within a political system have the power in political decision-making. In a democracy, budgets and public investment... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory Foreign aid provides corrupt governments with free cash flow which further facilitates the corruption. Corruption works against economic growth and development, holding these poor countries down. Since 2000, aid dependency has decreased by about ⅓. This can be seen in countries like Ghana, whose aid d... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory Efforts to disapprove aid to countries where corruption is very prevalent have been a common tool used by organizations and governments to ensure funding is used properly but also to encourage other countries to fix the corruption. It has been proven that foreign aid can prove useful in the long-run w... | https://en.wikipedia.org/wiki?curid=747259 |
Dependency theory A study by the World Bank cited that up to 85% of aid flows were used in ways other than the original intention. In the most aid-dependent countries there has been a growth rate of negative 0.2%, and poverty rates in Africa increased from 11% to 66% when aid flows were at their peak. There are certain... | https://en.wikipedia.org/wiki?curid=747259 |
Anchoring (cognitive bias) Anchoring or focalism is a cognitive bias where an individual depends too heavily on an initial piece of information offered (considered to be the "anchor") when making decisions. Anchoring occurs when, during decision making, an individual depends on an initial piece of information to make s... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) According to this heuristic, people start with an implicitly suggested reference point (the "anchor") and make adjustments to it to reach their estimate. A person begins with a first approximation (anchor) and then makes incremental adjustments based on additional information. These adjustmen... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) As a second example, in a study by Dan Ariely, an audience is first asked to write the last two digits of their social security number and consider whether they would pay this number of dollars for items whose value they did not know, such as wine, chocolate and computer equipment. They were ... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) Regardless of how they were informed and whether they were informed correctly, all of the experimental groups reported higher estimates than the control group. Thus, despite being expressly aware of the anchoring effect, participants were still unable to avoid it. A later study found that eve... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) If a reasonable number were given, though, there would be no adjustment. Therefore, this theory cannot, according to its critics, explain the anchoring effect. Another study found that the anchoring effect holds even when the anchor is subliminal. According to Tversky and Kahneman's theory, t... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) When displaying the results of previous ratings in the context of business model idea evaluation, people incorporate the displayed anchor into their own decision making process, leading to a decreasing variance of ratings. More recently, a third explanation of anchoring has been proposed conc... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) In a study concerning the effects of anchoring on judicial decisions, researchers found that even experienced legal professionals were affected by anchoring. This remained true even when the anchors provided were arbitrary and unrelated to the case in question. Research has correlated suscept... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) In addition to the initial research conducted by Tversky and Kahneman, multiple other studies have shown that anchoring can greatly influence the estimated value of an object. For instance, although negotiators can generally appraise an offer based on multiple characteristics, studies have sh... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) After making their offer, each group was then asked to discuss what factors influenced their decisions. In the follow-up interviews, the real-estate agents denied being influenced by the initial price, but the results showed that both groups were equally influenced by that anchor. Anchoring c... | https://en.wikipedia.org/wiki?curid=751106 |
Anchoring (cognitive bias) against their own interests. Generally negotiators who set the first anchor also tend to be less satisfied with the negotiation outcome, than negotiators who set the counter-anchor. This may be due to the regret or sense that they did not achieve or rather maximise the full potential of the n... | https://en.wikipedia.org/wiki?curid=751106 |
Joan Robinson Joan Violet Robinson ("née" Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory. She was a central figure in what became known as post-Keynesian economics. Before leaving to fight in the Second Boer War, Joan's father, Frederic... | https://en.wikipedia.org/wiki?curid=752599 |
Joan Robinson Also, Robinson made several trips to China, reporting her observations and analyses in "China: An Economic Perspective" (1958), "The Cultural Revolution in China" (1969), and "Economic Management in China" (1975; 3rd edn, 1976), in which she praised the Cultural Revolution. In October 1964, Robinson also ... | https://en.wikipedia.org/wiki?curid=752599 |
Joan Robinson As a member of "the Cambridge School" of economics, Robinson contributed to the support and exposition of Keynes' General Theory, writing especially on its employment implications in 1936 and 1937 (it attempted to explain employment dynamics in the midst of the Great Depression). In 1933 her book "The Eco... | https://en.wikipedia.org/wiki?curid=752599 |
Joan Robinson Between 1962 and 1980 she wrote many economics books for the general public. Robinson suggested developing an alternative to the revival of classical economics. "The Cultural Revolution in China" is written from the perspective of trying to understand the thinking that lay behind the revolution, particula... | https://en.wikipedia.org/wiki?curid=752599 |
Joan Robinson Robinson recognises and appears to endorse a revision to classical Marxism in Mao's view of the relation of base to superstructure: "On the classical view, there is one-way determination between base and superstructure but Mao shows how the superstructure may react upon the base: Ideas may become a materi... | https://en.wikipedia.org/wiki?curid=752599 |
Joan Robinson In his own autobiography notes, Sen described Robinson as "totally brilliant but vigorously intolerant." She also influenced Prime Minister Manmohan Singh which altered his approach towards economic policies. Joan's father was Frederick Barton Maurice, her mother was Margaret Helen Marsh. Joan Maurice mar... | https://en.wikipedia.org/wiki?curid=752599 |
American system of watch manufacturing The is a set of manufacturing techniques and best-practices to be used in the manufacture of watches and timepieces. It is derived from the American system of manufacturing techniques (also called "armory practices"), a set of general techniques and guidelines for manufacturing th... | https://en.wikipedia.org/wiki?curid=758111 |
American system of watch manufacturing Their first complete movement was completed in 1838; a total of between 800 and 900 watches were completed through 1845. Surviving examples of Pitkin watches showed that the parts were, in fact, interchangeable. In 1850 Aaron Dennison partnered with Edward Howard, a reputable cloc... | https://en.wikipedia.org/wiki?curid=758111 |
American system of watch manufacturing Applying armory practices to the manufacturing of watches carried both opportunity and risk for the Waltham Watch Company. The generally high price of watches allowed for a large investment in research and development, which was aimed toward the reduction of labor costs. At the ti... | https://en.wikipedia.org/wiki?curid=758111 |
American system of watch manufacturing The knowledge of how to manufacture machines that could manufacture watches spread: from Waltham to Elgin and then to dozens of other American watch companies and manufacturers of other products. Techniques such as jigs, stops, and measuring devices on machines were not just refin... | https://en.wikipedia.org/wiki?curid=758111 |
Marginal product In economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input (factor of production) is the change in output resulting from employing one more unit of a particular input (for instance, the change in output when a firm's labor is increased from... | https://en.wikipedia.org/wiki?curid=762043 |
Marginal product As more and more of variable input (labor) is employed, marginal product starts to fall. Finally, after a certain point, the marginal product becomes negative, implying that the additional unit of labor has "decreased" the output, rather than increasing it. The reason behind this is the diminishing mar... | https://en.wikipedia.org/wiki?curid=762043 |
Marginal product Beyond this point, TPP starts to fall and MPP becomes negative. | https://en.wikipedia.org/wiki?curid=762043 |
Diminishing returns In economics, diminishing returns is the decrease in the marginal (incremental) output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant. The law of diminishing returns states that in ... | https://en.wikipedia.org/wiki?curid=762048 |
Diminishing returns The concept of diminishing returns can be traced back to the concerns of early economists such as Johann Heinrich von Thünen, Jacques Turgot, Adam Smith, James Steuart, Thomas Robert Malthus, and David Ricardo. However, classical economists such as Malthus and Ricardo attributed the successive dimin... | https://en.wikipedia.org/wiki?curid=762048 |
Diminishing returns That is, for the first ton of output, the marginal cost as well as the average cost of the output is $1 per ton. If there are no other changes, then if the second kilogram of seeds applied to land produces only half the output of the first (showing diminishing returns), the marginal cost would equal... | https://en.wikipedia.org/wiki?curid=762048 |
Self-ownership Self-ownership, also known as sovereignty of the individual or individual sovereignty, is the concept of property in one's own person, expressed as the moral or natural right of a person to have bodily integrity and be the exclusive controller of one's own body and life. is a central idea in several poli... | https://en.wikipedia.org/wiki?curid=766834 |
Self-ownership Scholar Ellen Meiksins Wood says that "there are doctrines of individualism that are opposed to Lockean individualism... and non-Lockean individualism may encompass socialism". Libertarian capitalist conceptions of self-ownership extend the concept to include control of private property as part of the se... | https://en.wikipedia.org/wiki?curid=766834 |
Self-ownership In "Human Action", Austrian School economist Ludwig von Mises argues that labor markets are the rational conclusion of self-ownership and argues that collective ownership of labor ignores differing values for the labor of individuals: Of course, people believe that there is an essential difference betwee... | https://en.wikipedia.org/wiki?curid=766834 |
Self-ownership It has made gain not growth its aim. So that man thought that the important thing was to have, and did not know that the important thing is to be. The true perfection of man lies, not in what man has, but in what man is...With the abolition of private property, then, we shall have true, beautiful, health... | https://en.wikipedia.org/wiki?curid=766834 |
Self-ownership Emma Goldman famously denounced "wage slavery" by saying: "The only difference is that you are hired slaves instead of block slaves". Within left-libertarianism, scholars such as Hillel Steiner, Peter Vallentyne, Philippe Van Parijs, Michael Otsuka and David Ellerman root an economic egalitarianism in th... | https://en.wikipedia.org/wiki?curid=766834 |
Self-ownership Locke also said that the individual "has a right to decide what would become of himself and what he would do, and as having a right to reap the benefits of what he did". Josiah Warren was the first who wrote about the "sovereignty of the individual". | https://en.wikipedia.org/wiki?curid=766834 |
Penalty interest In money lending and in sales contracts, penalty interest, also called penalty APR (penalty annual percentage rate), default interest, interest for/on late payment, statutory interest for/on late payment, interest on arrears, or penal interest, is punitive interest charged by a lender to a borrower if ... | https://en.wikipedia.org/wiki?curid=770350 |
Agorism is a social philosophy that advocates creating a society in which all relations between people are voluntary exchanges by means of counter-economics, engaging with aspects of peaceful revolution. It was first proposed by American libertarian philosopher Samuel Edward Konkin III (1947–2004) at two conferences, C... | https://en.wikipedia.org/wiki?curid=770975 |
Agorism Although this term is non-standard usage, agorists identify as part of left-wing politics in the general sense and use the term left-libertarian as defined by Roderick T. Long, i.e. as "an integration, or I'd argue, a reintegration of libertarianism with concerns that are traditionally thought of as being conce... | https://en.wikipedia.org/wiki?curid=770975 |
Agorism Agorists claim that such a society could be freed more readily by employing methods such as education, direct action, alternative currencies, entrepreneurship, self sufficiency, civil disobedience and counter-economics. Konkin developed a class theory which includes entrepreneurs, non-statist capitalists and st... | https://en.wikipedia.org/wiki?curid=770975 |
Agorism The agorists claim that the debts of businesses cannot be cleared through a government's decree and that every manager has to be responsible for every act taken. Konkin opposed the concept of intellectual property and wrote in an article entitled "Copywrongs" in support of such a thesis. J. Neil Schulman critic... | https://en.wikipedia.org/wiki?curid=770975 |
Super-iron battery The is a moniker for a proposed class of rechargeable electric battery. Such batteries feature cathodes composed of ferrate salts, either potassium ferrate () or barium ferrate (). One attraction to the proposed device is that the spent cathode would consist of a rust-like material, which is preferab... | https://en.wikipedia.org/wiki?curid=772301 |
Social planner In welfare economics, a social planner is a decision-maker who attempts to achieve the best result for all parties involved. In neo-classical welfare economics, this means the maximization of a social welfare function. In modern welfare economics, there is a greater emphasis on Pareto optimality, in whic... | https://en.wikipedia.org/wiki?curid=773434 |
Social planner The welfare theorems establish a connection between the competitive equilibrium and the social planning problem. The welfare theorems also have practical implications. Instead of looking at a decentralized exchange process, let the economy assume the existence of a benevolent social planner who makes al... | https://en.wikipedia.org/wiki?curid=773434 |
Social planner The planner looks for the best way to allocate the consumer's time endowment by balancing labor and leisure. Best means that the planner maximizes the consumer's utility function. In this problem, best is unambiguous. However, when there are more that two agents the planners allocation will depend on wha... | https://en.wikipedia.org/wiki?curid=773434 |
Social planner Employees of this class are responsible for providing community based agencies with social consultative and monitoring services as it relates to the development and administration of preventive social services programs or low income and social housing, and/or conducting socioeconomic evaluations, plannin... | https://en.wikipedia.org/wiki?curid=773434 |
Evolutionary game theory (EGT) is the application of game theory to evolving populations in biology. It defines a framework of contests, strategies, and analytics into which Darwinian competition can be modelled. It originated in 1973 with John Maynard Smith and George R. Price's formalisation of contests, analysed as ... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory started with the problem of how to explain ritualized animal behaviour in a conflict situation; "why are animals so 'gentlemanly or ladylike' in contests for resources?" The leading ethologists Niko Tinbergen and Konrad Lorenz proposed that such behaviour exists for the benefit of the species. ... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory Rules include replicator dynamics, in other words how the fitter players will spawn more replicas of themselves into the population and how the less fit will be culled, in a replicator equation. The replicator dynamics models heredity but not mutation, and assumes asexual reproduction for the s... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory The attractors (stable fixed points) of the equations are equivalent with evolutionarily stable states. A strategy which can survive all "mutant" strategies is considered evolutionarily stable. In the context of animal behavior, this usually means such strategies are programmed and heavily infl... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory The Hawk first displays aggression, then escalates into a fight until it either wins or is injured (loses). The Dove first displays aggression, but if faced with major escalation runs for safety. If not faced with such escalation, the Dove attempts to share the resource. Given that the resource... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory Where the resource is not shareable, but an alternative resource might be available by backing off and trying elsewhere, pure Hawk or Dove strategies are less effective. If an unshareable resource is combined with a high cost of losing a contest (injury or possible death) both Hawk and Dove pay... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory This implements a distribution of bids for a resource of specific value V, where the bid for any specific contest is chosen at random from that distribution. The distribution (an ESS) can be computed using the Bishop-Cannings theorem, which holds true for any mixed strategy ESS. The distributio... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory Games like Hawk Dove and War of Attrition represent pure competition between individuals and have no attendant social elements. Where social influences apply, competitors have four possible alternatives for strategic interaction. This is shown on the adjacent figure, where a plus sign represent... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory Hamilton went beyond kin relatedness to work with Robert Axelrod, analysing games of co-operation under conditions not involving kin where reciprocal altruism comes into play. Eusocial insect workers forfeit reproductive rights to their queen. It has been suggested that Kin Selection, based on ... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory The analysis of prisoner's dilemma is as a repetitive game. This affords competitors the possibility of retaliating for defection in previous rounds of the game. Many strategies have been tested; the best competitive strategies are general cooperation with a reserved retaliatory response if nec... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory reward co-operation and punish defection. The effect of this strategy in accumulated payoff over many rounds is to produce a higher payoff for both players co-operation and a lower payoff for defection. This removes the Temptation to defect. The suckers payoff also becomes less, although "invas... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory This in turn means that the strategy must be successful when it contends with others exactly like itself. An ESS is not: The ESS state can be solved for by exploring either the dynamics of population change to determine an ESS, or by solving equations for the stable stationary point conditions ... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory This explains behaviours observed in nature. An evolutionary game that turns out to be a children's game is rock paper scissors. The game is simple – rock beats scissors (blunts it), scissors beats paper (cuts it), and paper beats rock (wraps it up). Anyone who has ever played this simple game ... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory The social cyclic behaviors, predicted by evolutionary game theory, have been observed in various laboratory experiments. The side-blotched lizard ("Uta stansburiana") is polymorphic with three morphs that each pursues a different mating strategy However the blue throats cannot overcome the mor... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory On analysis, problems of biological life are not at all unlike the problems that define economics – eating (akin to resource acquisition and management), survival (competitive strategy) and reproduction (investment, risk and return). Game theory was originally conceived as a mathematical analys... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory As higher RHP individuals can properly afford such a costly display this signalling is inherently honest, and can be taken as such by the signal receiver. Nowhere in nature is this better illustrated than in the magnificent and costly plumage of the peacock. The mathematical proof of the handic... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory Coevolutionary modelling therefore often includes genetic algorithms to reflect mutational effects, while computers simulate the dynamics of the overall coevolutionary game. The resulting dynamics are studied as various parameters are modified. Because several variables are simultaneously at pl... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory Following Maynard Smith's seminal work in evolutionary game theory, the subject has had a number of very significant extensions which have shed more light on understanding evolutionary dynamics, particularly in the area of altruistic behaviors. Some of these key extensions to evolutionary game ... | https://en.wikipedia.org/wiki?curid=774572 |
Evolutionary game theory Alternatively, agents might have access to an arbitrary signal initially uncorrelated to strategy but becomes correlated due to evolutionary dynamics. This is the green-beard effect or evolution of ethnocentrism in humans. Depending on the game, it can allow the evolution of either cooperation ... | https://en.wikipedia.org/wiki?curid=774572 |
The Great Salad Oil Swindle is a book by "Wall Street Journal" reporter Norman C. Miller about Tino De Angelis, a New Jersey-based wholesaler and commodities trader who bought and sold vegetable oil futures contracts. The book was published in 1965 by Coward McCann. In 1963, De Angelis was responsible for a major finan... | https://en.wikipedia.org/wiki?curid=775006 |
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