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For example, in addition to returning their contributions, the mechanism designer might give all contributors an additional $5 if the total donations aren’t sufficient to support the project. If there’s a chance that the contract will fail, a refund bonus incentivizes people to participate in the mechanism, making the all-pay equilibrium ...
Equity, or economic equality, is the construct, concept or idea of fairness in economics and justice in the distribution of wealth, resources, and taxation within a society. . Equity is closely tied to taxation policies, welfare economics, and the discussions of public finance, influencing how resources are allocated among different segments of the populati
In a narrow definition, the term is used to designate only groups that consider human beings essentially preformed by blood, or by inherited characteristics. [6] The Völkischen are often encompassed in a wider Conservative Revolution by scholars, a German national conservative movement that rose in prominence during the Weimar Republic (1918 ...
Economic studies, which are much more common outside of engineering economics, are still used from time to time to determine feasibility and utility of certain projects. They do not, however, truly reflect the "common notion" of economic studies, which is fixated upon macroeconomics, something engineers have little interaction with.
The underlying assumption of production is that maximisation of profit is the key objective of the producer. The difference in the value of the production values (the output value) and costs (associated with the factors of production) is the calculated profit.
His definition of equilibrium is almost the same as Pareto's later definition of optimality: it is a point such that... in whatever direction we take an infinitely small step, P and Π [the utilities of buyer and seller] do not increase together, but that, while one increases, the other decreases. [8]
Within economics, margin is a concept used to describe the current level of consumption or production of a good or service. [1] Margin also encompasses various concepts within economics, denoted as marginal concepts, which are used to explain the specific change in the quantity of goods and services produced and consumed.
Positive economics as a science concerns the investigation of economic behavior. [4] It deals with empirical facts as well as cause-and-effect behavioral relationships and emphasizes that economic theories must be consistent with existing observations and produce precise, verifiable predictions about the phenomena under investigation.