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Coate-Loury Model
The Coate-Loury model of affirmative action was developed by Stephen Coate and Glenn Loury in 1993. The model seeks to answer the question of whether, by mandating expanded opportunities for minorities in the present, these policies are rendered unnecessary in the future. Affirmative action may lead to one of two outcomes: # By improving employers’ perceptions of minorities or improving minorities’ skills, or both, affirmative action policies would eventually cause employers to want to hire minorities regardless of the presence of affirmative action policies. # By dampening incentives for minorities, affirmative action policies would reduce minority skill investment, thus leading to an equilibrium where employers correctly believe minorities to be less productive than majorities, thus perpetuating the need for affirmative action in order to achieve parity in the labor market. Coate and Loury concluded that either equilibrium is possible under certain assumptions. Model f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stereotype
In social psychology, a stereotype is a generalized belief about a particular category of people. It is an expectation that people might have about every person of a particular group. The type of expectation can vary; it can be, for example, an expectation about the group's personality, preferences, appearance or ability. Stereotypes are sometimes overgeneralized, inaccurate, and resistant to new information, but can sometimes be accurate. While such generalizations about groups of people may be useful when making quick decisions, they may be erroneous when applied to particular individuals and are among the reasons for prejudicial attitudes. Explicit stereotypes An explicit stereotype refers to stereotypes that one is aware that one holds, and is aware that one is using to judge people. If person ''A ''is making judgments about a ''particular'' person ''B'' from a group ''G'', and person ''A'' has an explicit stereotype for group ''G'', their decision bias can be partia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roland G
Roland (; frk, *Hrōþiland; lat-med, Hruodlandus or ''Rotholandus''; it, Orlando or ''Rolando''; died 15 August 778) was a Frankish military leader under Charlemagne who became one of the principal figures in the literary cycle known as the Matter of France. The historical Roland was military governor of the Breton March, responsible for defending Francia's frontier against the Bretons. His only historical attestation is in Einhard's ''Vita Karoli Magni'', which notes he was part of the Frankish rearguard killed in retribution by the Basques in Iberia at the Battle of Roncevaux Pass. The story of Roland's death at Roncevaux Pass was embellished in later medieval and Renaissance literature. The first and most famous of these epic treatments was the Old French ''Chanson de Roland'' of the 11th century. Two masterpieces of Italian Renaissance poetry, the ''Orlando Innamorato'' and ''Orlando Furioso'' (by Matteo Maria Boiardo and Ludovico Ariosto respectively), are even furt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistical Discrimination (economics)
Statistical discrimination is a theorized behavior in which racial or gender inequality results when economic agents (consumers, workers, employers, etc.) have imperfect information about individuals they interact with. According to this theory, inequality may exist and persist between demographic groups even when economic agents are rational and non-prejudiced. It stands in contrast with taste-based discrimination which uses racism, sexism and the likes to explain different labour market outcomes of groups. The theory of statistical discrimination was pioneered by Kenneth Arrow (1973) and Edmund Phelps (1972). The name "statistical discrimination" relates to the way in which employers make employment decisions. Since their information on the applicants' productivity is imperfect, they use statistical information on the group they belong to in order to infer productivity. If the minority group is less productive initially (due to historic discrimination or having navigated a bad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Economics
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positive claims about controversial or contentious subjects that would be impossible without mathematics. Much of economic theory is currently presented in terms of mathematical economic models, a set of stylized and simplified mathematical relationships asserted to clarif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law And Economics
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance. History Origin The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought. As early as the 18th century, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidy
A subsidy or government incentive is a form of financial aid or support extended to an economic sector (business, or individual) generally with the aim of promoting economic and social policy. Although commonly extended from the government, the term subsidy can relate to any type of support – for example from NGOs or as implicit subsidies. Subsidies come in various forms including: direct (cash grants, interest-free loans) and indirect ( tax breaks, insurance, low-interest loans, accelerated depreciation, rent rebates). Furthermore, they can be broad or narrow, legal or illegal, ethical or unethical. The most common forms of subsidies are those to the producer or the consumer. Producer/production subsidies ensure producers are better off by either supplying market price support, direct support, or payments to factors of production. Consumer/consumption subsidies commonly reduce the price of goods and services to the consumer. For example, in the US at one time it was cheaper to b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shadow Price
A shadow price is the monetary value assigned to an abstract or intangible commodity which is not traded in the marketplace. This often takes the form of an externality. Shadow prices are also known as the recalculation of known market prices in order to account for the presence of distortionary market instruments (e.g. quotas, tariffs, taxes or subsidies). Shadow Prices are the real economic prices given to goods and services after they have been appropriately adjusted by removing distortionary market instruments and incorporating the societal impact of the respective good or service. A shadow price is often calculated based on a group of assumptions and estimates because it lacks reliable data, so it is subjective and somewhat inaccurate. The need for shadow prices arises as a result of “externalities” and the presence of distortionary market instruments. An externality is defined as a cost or benefit incurred by a third party as a result of production or consumption of a g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karush–Kuhn–Tucker Conditions
In mathematical optimization, the Karush–Kuhn–Tucker (KKT) conditions, also known as the Kuhn–Tucker conditions, are first derivative tests (sometimes called first-order necessary conditions) for a solution in nonlinear programming to be optimal, provided that some regularity conditions are satisfied. Allowing inequality constraints, the KKT approach to nonlinear programming generalizes the method of Lagrange multipliers, which allows only equality constraints. Similar to the Lagrange approach, the constrained maximization (minimization) problem is rewritten as a Lagrange function whose optimal point is a saddle point, i.e. a global maximum (minimum) over the domain of the choice variables and a global minimum (maximum) over the multipliers, which is why the Karush–Kuhn–Tucker theorem is sometimes referred to as the saddle-point theorem. The KKT conditions were originally named after Harold W. Kuhn and Albert W. Tucker, who first published the conditions in 1951. L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Self-fulfilling Prophecy
A self-fulfilling prophecy is a prediction that comes true at least in part as a result of a person's or group of persons' belief or expectation that said prediction would come true. This suggests that people's beliefs influence their actions. The principle behind this phenomenon is that people create consequences regarding people or events, based on previous knowledge of the subject. There are three factors within an environment that can come together to influence the likelihood of a self-fulfilling prophecy becoming a reality: appearance, perception, and belief. When a phenomenon cannot be seen, appearance is what we rely upon when a self-fulfilling prophecy is in place. When it comes to a self-fulfilling prophecy there also must be a distinction "between 'brute and institutional' facts". The philosopher John Searle states the difference as "facts hatexist independently of any human institutions; institutional facts can only exist within institutions." There is an inability of i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constraint (mathematics)
In mathematics, a constraint is a condition of an optimization problem that the solution must satisfy. There are several types of constraints—primarily equality constraints, inequality constraints, and integer constraints. The set of candidate solutions that satisfy all constraints is called the feasible set. Example The following is a simple optimization problem: :\min f(\mathbf x) = x_1^2+x_2^4 subject to :x_1 \ge 1 and :x_2 = 1, where \mathbf x denotes the vector (''x''1, ''x''2). In this example, the first line defines the function to be minimized (called the objective function, loss function, or cost function). The second and third lines define two constraints, the first of which is an inequality constraint and the second of which is an equality constraint. These two constraints are hard constraints, meaning that it is required that they be satisfied; they define the feasible set of candidate solutions. Without the constraints, the solution would be (0,0 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
