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Collusion (2015 Documentary)
Collusion is a deceitful agreement or secret cooperation between two or more parties to limit open competition by deceiving, misleading or defrauding others of their legal right. Collusion is not always considered illegal. It can be used to attain objectives forbidden by law; for example, by defrauding or gaining an unfair market advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities. It can involve "unions, wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties". In legal terms, all acts effected by collusion are considered void. Definition In the study of economics and market competition, collusion takes place within an industry when rival companies cooperate for their mutual benefit. Conspiracy usually involves an agreement between two or more sellers to take action to suppress competition between sellers in the market. Because competition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competition
Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc. The rivalry can be over attainment of any exclusive goal, including Recognition (sociology), recognition: Competition occurs in nature, between living organisms which co-exist in the same natural environment, environment. Animals compete over water supplies, food, mates, and other resource (biology), biological resources. Humans usually Survival of the fittest, compete for food and mates, though when these needs are met deep rivalries often arise over the pursuit of wealth, power, prestige, and celebrity, fame when in a static, repetitive, or unchanging environment. Competition is a major tenet of market economy, market economies and business, often associated with business competition as companies a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
WallStreetBets
r/wallstreetbets, also known as WallStreetBets or WSB, is a subreddit where participants discuss stock and Option (finance), option trading. It has become notable for its colorful and profane jargon, aggressive trading strategies, and for playing a major role in the GameStop short squeeze that caused losses for some US firms and Short (finance), short sellers in a few days in early 2021. The community is run by u/OPINION_IS_UNPOPULAR, who has moderated the community for over 9 years. Overview The subreddit, describing itself through the tagline "Like 4chan found a Bloomberg Terminal, Bloomberg terminal", is known for its aggressive trading strategies, which primarily revolve around highly speculative, Leverage (finance), leveraged options trading. Members of the subreddit are often young stock trader, retail traders and investors who ignore fundamental investment practices and risk management techniques, so their activities are often considered gambling. The growing popularity o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kickback (bribery)
A kickback is a form of negotiated bribery in which a commission is paid to the bribe-taker in exchange for services rendered. Generally speaking, the remuneration (money, goods, or services handed over) is negotiated ahead of time. The kickback varies from other kinds of bribes in that there is implied collusion between agents of the two parties, rather than one party extorting the bribe from the other.Wrage, Alexandra Addison. ''Bribery and Extortion: Undermining Business, Governments, and Security.'' Westport, Conn.: Praeger Security International, 2007. p. 14. The purpose of the kickback is usually to encourage the other party to cooperate in the scheme.Kranacher, Riley, and Wells, p. 387. The term "kickback" comes from colloquial English language, and describes the way a recipient of illegal gain "kicks back" a portion of it to another person for that person's assistance in obtaining it.Campos, p. 299. Types and methods The most common form of kickback involves a vendor sub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Fixing
Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. The intent of price fixing may be to push the price of a product as high as possible, generally leading to profits for all sellers but may also have the goal to fix, peg, discount, or stabilize prices. The defining characteristic of price fixing is any agreement regarding price, whether expressed or implied. Price fixing requires a conspiracy between sellers or buyers. The purpose is to coordinate pricing for mutual benefit of the traders. For example, manufacturers and retailers may conspire to sell at a common "retail" price; set a common minimum sales price, where sellers agree not to discount the sales price below the agreed-to minimum price; buy the product from a supplier at a specified maxi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leniency Programs
Mercy (Middle English, from Anglo-French ''merci'', from Medieval Latin ''merced-'', ''merces'', from Latin, "price paid, wages", from ''merc-'', ''merxi'' "merchandise") is benevolence, forgiveness, and kindness in a variety of ethical, religious, social, and legal contexts. In the social and legal context, mercy may refer both to compassionate behavior on the part of those in power (e.g. mercy shown by a judge toward a convict), or on the part of a humanitarian third party, e.g., a mission of mercy aiming to treat war victims.Sarat, Austin and Hussain, Nasser. ''Forgiveness, mercy, and clemency'', 2006 pp. 1-5Menke, Christopher. ''Reflections of equality'' by Christoph Menke 2006 p. 193 Definition "Mercy" can be defined as "compassion or forbearance shown especially to an offender or to one subject to one's power"; and also "a blessing that is an act of divine favor or compassion." "To be at someone's mercy" indicates a person being "without defense against someone." Law ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Future Collusive Profits
The future is the time after the past and present. Its arrival is considered inevitable due to the existence of time and the laws of physics. Due to the apparent nature of reality and the unavoidability of the future, everything that currently exists and will exist can be categorized as either permanent, meaning that it will exist forever, or temporary, meaning that it will end. In the Occidental view, which uses a linear conception of time, the future is the portion of the projected timeline that is anticipated to occur. In special relativity, the future is considered absolute future, or the future light cone. In the philosophy of time, presentism is the belief that only the present exists and the future and the past are unreal. Religions consider the future when they address issues such as karma, life after death, and eschatologies that study what the end of time and the end of the world will be. Religious figures such as prophets and diviners have claimed to see into t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bid Rigging
Bid rigging is a fraudulent scheme in procurement auctions resulting in non-competitive bids and can be performed by corrupt officials, by firms in an orchestrated act of collusion, or between officials and firms. This form of collusion is illegal in most countries. It is a form of price fixing and market allocation, often practiced where contracts are determined by a call for bids, for example in the case of government construction contracts. The typical objective of bid rigging is to enable the "winning" party to obtain contracts at uncompetitive prices (i.e., at higher prices if they are sellers, or lower prices if they are buyers). The other parties are compensated in various ways, for example, by cash payments, or by being designated to be the "winning" bidder on other contracts, or by an arrangement where some parts of the successful bidder's contract will be subcontracted to them. In this way, they "share the spoils" among themselves. Bid rigging almost always results in econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bertrand Competition
Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set. The model was formulated in 1883 by Bertrand in a review of Antoine Augustin Cournot's book ''Recherches sur les Principes Mathématiques de la Théorie des Richesses'' (1838) in which Cournot had put forward the Cournot model. Cournot's model argued that each firm should maximise its profit by selecting a quantity level and then adjusting price level to sell that quantity. The outcome of the model equilibrium involved firms pricing above marginal cost; hence, the competitive price. In his review, Bertrand argued that each firm should instead maximise its profits by selecting a price level that undercuts its competitors' prices, when their prices exceed marginal cost. The model was not formalized by Bertrand; however, the idea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supra-competitive Prices
Supracompetitive pricing is pricing above what can be sustained in a competitive market. This may be indicative of a business that has a unique legal or competitive advantage or of anti-competitive behavior that has driven competition from the market. An example of a unique legal advantage would be a drug company that is the first to discover and successfully manufacture a medication to treat a certain disease. Initially, as the only market player, the drug company may be able to charge supra competitive prices until other companies catch up. In this case, the regulatory hurdle for drug approval may prove a substantial barrier to new competition. However, other companies may not be able to enter the market due to another barrier to entry, intellectual property (IP) rights. The drug company may have a patent on the new formulation, barring competitors until the patent expires unless they can license rights from the IP owner. An example of a competitive advantage may be a large co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kinked Demand
The Kinked-Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices. Theory "Kinked" demand curves and traditional demand curves are similar in that they are both downward-sloping. They are distinguished by a hypothesized concave bend with a discontinuity at the bend - the "kink." Therefore, the first derivative point is undefined and leads to a jump discontinuity in the marginal revenue curve. Classical economic theory assumes that a profit-maximizing producer with some market power (either due to oligopoly or monopolistic competition) will set marginal costs equal to marginal revenue. This idea can be envisioned graphically by the intersection of an upward-sloping marginal cost curve and a downward-sloping marginal revenue curve . In classical theory, any change in the marginal cost structure or the marginal revenue structure will be immediately reflected in a new price and/o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Efficiency
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: * Allocative or Pareto efficiency: any changes made to assist one person would harm another. * Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient. There are also other definitions and measures. All characterizations of economic efficiency are encompassed by the more general engineering concept that a system is efficient or optimal when it maximizes desired outputs (such as utility) given available inputs. Standards of thought There are two main standards of thought on economic efficiency, which respectively emphasize the distortions created by ''governments'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathema ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
