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Bertrand–Edgeworth Model
In microeconomics, the Bertrand–Edgeworth model of price-setting oligopoly looks at what happens when there is a homogeneous product (i.e. consumers want to buy from the cheapest seller) where there is a limit to the output of firms which are willing and able to sell at a particular price. This differs from the Bertrand competition model where it is assumed that firms are willing and able to meet all demand. The limit to output can be considered as a physical capacity constraint which is the same at all prices (as in Edgeworth's work), or to vary with price under other assumptions. History Joseph Louis François Bertrand (1822–1900) developed the model of Bertrand competition in oligopoly. This approach was based on the assumption that there are at least two firms producing a homogenous product with constant marginal cost (this could be constant at some positive value, or with zero marginal cost as in Cournot). Consumers buy from the cheapest seller. The Bertrand– Nash equi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Partha Dasgupta
Sir Partha Sarathi Dasgupta (born on 17 November 1942), is an Indian-British economist who is the Frank Ramsey Professor Emeritus of Economics at the University of Cambridge, United Kingdom and Fellow of St John's College, Cambridge. Personal life He was born into a Baidya Brahmin family in Dhaka, and raised mainly in Varanasi, India, and is the son of the noted economist Amiya Kumar Dasgupta. He is married to Carol Dasgupta, who is a psychotherapist. They have three children, Zubeida (who is an educational psychologist), Shamik (a professor of philosophy), and Aisha (who is a demographer and works on the practice of family planning and reproductive health). His father-in-law was the Nobel Laureate James Meade. Education Dasgupta was educated in Rajghat Besant School in Varanasi, India, obtaining his Matriculation Degree in 1958, and pursued undergraduate studies in Physics at Hans Raj College, University of Delhi, India, graduating in 1962 and in Mathematics at Cambridge (T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bulletin Of Economic Research
The ''Bulletin of Economic Research'' is a quarterly peer-reviewed academic journal covering the fields of economics, econometrics, and economic history that is published by John Wiley & Sons. It was established in 1948 and publishes full-length articles alongside shorter referenced articles, notes and comments, and survey articles. According to the ''Journal Citation Reports'', the journal has a 2020 impact factor The impact factor (IF) or journal impact factor (JIF) of an academic journal is a scientometric index calculated by Clarivate that reflects the yearly mean number of citations of articles published in the last two years in a given journal, as ... of 0.619, ranking it 334/353 of journals in the category "Economics". References (7) :63-70. External links * {{Official website, http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-8586 Wiley-Blackwell academic journals English-language journals Academic journals established in 1948 Quarterly journals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pure Strategy
In game theory, a player's strategy is any of the options which they choose in a setting where the outcome depends ''not only'' on their own actions ''but'' on the actions of others. The discipline mainly concerns the action of a player in a game affecting the behavior or actions of other players. Some examples of "games" include chess, bridge, poker, monopoly, diplomacy or battleship. A player's strategy will determine the action which the player will take at any stage of the game. In studying game theory, economists enlist a more rational lens in analyzing decisions rather than the psychological or sociological perspectives taken when analyzing relationships between decisions of two or more parties in different disciplines. The strategy concept is sometimes (wrongly) confused with that of a move. A move is an action taken by a player at some point during the play of a game (e.g., in chess, moving white's Bishop a2 to b3). A strategy on the other hand is a complete algorithm for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity Of Demand
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign. Veblen and Giffen goods are two classes of good ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monopolistic Competition
Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes. In monopolistic competition, a company takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other companies. If this happens in the presence of a coercive government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the company maintains spare capacity. Models of monopolistic competition are often used to model industries. Textbook examples of industries with market structures similar to monopolistic competition include restaurants, cereals, clothing, shoes, and service industries in large cities. The "founding father" of the theory of monopolistic competition is Edward Hastings Chamberlin, who wrote a pioneering book on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wiley–Blackwell
Wiley-Blackwell is an international scientific, technical, medical, and scholarly publishing business of John Wiley & Sons. It was formed by the merger of John Wiley & Sons Global Scientific, Technical, and Medical business with Blackwell Publishing in 2007.About Wiley-Blackwell John Wiley & Sons, Inc. Wiley-Blackwell is now an imprint that publishes a diverse range of academic and professional fields, including biology, medicine, physical sciences, technology, social science, and the humanities. Blackwell Publishing history Blackwell Publishing was formed by the 2001 merger of two Oxford-based academic publishing companies, Blackwell Science (founded 1939 as Blackwell Scientific Publishing) and Blackwell Publishers (founded 1922 as Basil Blackwell & Mott, Blackwell Publishers from 1926), which had their o ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Differentiation
In economics and marketing, product differentiation (or simply differentiation) is the process of distinguishing a product or service from others to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as from a firm's other products. The concept was proposed by Edward Chamberlin in his 1933 book, '' The Theory of Monopolistic Competition''. Rationale Firms have different resource endowments that enable them to construct specific competitive advantages over competitors. Resource endowments allow firms to be different, which reduces competition and makes it possible to reach new segments of the market. Thus, differentiation is the process of distinguishing the differences of a product or offering from others, to make it more attractive to a particular target market. Although research in a niche market may result in changing a product in order to improve differentiation, the changes themselves are not diff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wiley-Blackwell
Wiley-Blackwell is an international scientific, technical, medical, and scholarly publishing business of John Wiley & Sons. It was formed by the merger of John Wiley & Sons Global Scientific, Technical, and Medical business with Blackwell Publishing in 2007.About Wiley-Blackwell John Wiley & Sons, Inc. Wiley-Blackwell is now an imprint that publishes a diverse range of academic and professional fields, including , , , |
Springer (publisher)
Springer Science+Business Media, commonly known as Springer, is a German multinational publishing company of books, e-books and peer-reviewed journals in science, humanities, technical and medical (STM) publishing. Originally founded in 1842 in Berlin, it expanded internationally in the 1960s, and through mergers in the 1990s and a sale to venture capitalists it fused with Wolters Kluwer and eventually became part of Springer Nature in 2015. Springer has major offices in Berlin, Heidelberg, Dordrecht, and New York City. History Julius Springer founded Springer-Verlag in Berlin in 1842 and his son Ferdinand Springer grew it from a small firm of 4 employees into Germany's then second largest academic publisher with 65 staff in 1872.Chronology ". Springer Science+Business Media. In 1964, Springer expanded its business internationally, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Economic Theory
The ''Journal of Economic Theory'' is a bimonthly peer-reviewed academic journal covering the field of economic theory. Karl Shell has served as editor-in-chief of the journal since it was established in 1968. Since 2000, he has shared the editorship with Jess Benhabib, Alessandro Lizzeri, Christian Hellwig, and more recently with Alessandro Pavan, Ricardo Lagos, Marciano Siniscalchi, and Xavier Vives. The journal is published by Elsevier. In 2020, Tilman Börgers was chief editor of the journal. Abstracting and indexing According to the ''Journal Citation Reports'', the journal has a 2020 impact factor of 1.458. See also *List of economics journals The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics. Popular magazines or other publications related to economics, finance, or business are not listed. A *'' Affilia'' *''A ... References External links * Economics journals Elsevier academic jou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Journal
''The Economic Journal'' is a peer-reviewed academic journal of economics published on behalf of the Royal Economic Society by Oxford University Press. The journal was established in 1891 and publishes papers from all areas of economics.The editor-in-chief is Francesco Lippi (Libera Università Internazionale degli Studi Sociali Guido Carli & Einaudi Institute of Economics and Finance). According to the Journal Citation Reports, the journal has a 2020 impact factor of 3.178. History Introduction The journal was conceived in November 1890, at the inauguration of the British Economic Association (which became the Royal Economic Society in 1902). One of the central aims of the new society was to create a forum through which British economic research could be published. In a circular sent out before the inaugural meeting, Alfred Marshall, one of the founding members of the society, indicated the significant impact a new journal would have on British economic science: ''...the ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
