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Dispersed Knowledge
Dispersed knowledge in economics is the notion that no single agent has information as to all of the factors which influence prices and production throughout the system. The term has been both expanded upon and popularized by American economist Thomas Sowell. Overview Each agent in a market for assets, goods, or services possesses incomplete knowledge as to most of the factors which affect prices in that market. For example, no agent has full information as to other agents' budgets, preferences, resources or technologies, not to mention their plans for the future and numerous other factors which affect prices in those markets. Market prices are the result of price discovery, in which each agent participating in the market makes use of its current knowledge and plans to decide on the prices and quantities at which it chooses to transact. The resulting prices and quantities of transactions may be said to reflect the current state of knowledge of the agents currently in the market, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficient-market Hypothesis
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information. Because the EMH is formulated in terms of risk adjustment, it only makes testable predictions when coupled with a particular model of risk. As a result, research in financial economics since at least the 1990s has focused on market anomalies, that is, deviations from specific models of risk. The idea that financial market returns are difficult to predict goes back to Bachelier, Mandelbrot, and Samuelson, but is closely associated with Eugene Fama, in part due to his influential 1970 review of the theoretical and empirical research. The EMH provides the basic logic for modern risk-based theories of asset prices, and frameworks such as consumption-based asset pricing and int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theories
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian School
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian School originated in late-19th- and early-20th-century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical School (based in Germany), in a dispute known as ''Methodenstreit'', or methodology struggle. Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School are the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sensor
A sensor is a device that produces an output signal for the purpose of sensing a physical phenomenon. In the broadest definition, a sensor is a device, module, machine, or subsystem that detects events or changes in its environment and sends the information to other electronics, frequently a computer processor. Sensors are always used with other electronics. Sensors are used in everyday objects such as touch-sensitive elevator buttons (tactile sensor) and lamps which dim or brighten by touching the base, and in innumerable applications of which most people are never aware. With advances in micromachinery and easy-to-use microcontroller platforms, the uses of sensors have expanded beyond the traditional fields of temperature, pressure and flow measurement, for example into Attitude and heading reference system, MARG sensors. Analog sensors such as potentiometers and force-sensing resistors are still widely used. Their applications include manufacturing and machinery, airplane ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Research
Research is "creativity, creative and systematic work undertaken to increase the stock of knowledge". It involves the collection, organization and analysis of evidence to increase understanding of a topic, characterized by a particular attentiveness to controlling sources of bias and error. These activities are characterized by accounting and controlling for biases. A research project may be an expansion on past work in the field. To test the validity of instruments, procedures, or experiments, research may replicate elements of prior projects or the project as a whole. The primary purposes of basic research (as opposed to applied research) are documentation, Discovery (observation), discovery, interpretation (philosophy), interpretation, and the research and development (R&D) of methods and systems for the advancement of human knowledge. Approaches to research depend on epistemology, epistemologies, which vary considerably both within and between humanities and sciences. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crowdsourcing
Crowdsourcing involves a large group of dispersed participants contributing or producing goods or services—including ideas, votes, micro-tasks, and finances—for payment or as volunteers. Contemporary crowdsourcing often involves digital platforms to attract and divide work between participants to achieve a cumulative result. Crowdsourcing is not limited to online activity, however, and there are various historical examples of crowdsourcing. The word crowdsourcing is a portmanteau of "crowd" and " outsourcing". In contrast to outsourcing, crowdsourcing usually involves less specific and more public groups of participants. Advantages of using crowdsourcing include lowered costs, improved speed, improved quality, increased flexibility, and/or increased scalability of the work, as well as promoting diversity. Crowdsourcing methods include competitions, virtual labor markets, open online collaboration and data donation. Some forms of crowdsourcing, such as in "idea competiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data Acquisition
Data acquisition is the process of sampling signals that measure real-world physical conditions and converting the resulting samples into digital numeric values that can be manipulated by a computer. Data acquisition systems, abbreviated by the acronyms ''DAS,'' ''DAQ,'' or ''DAU,'' typically convert analog waveforms into digital values for processing. The components of data acquisition systems include: * Sensors, to convert physical parameters to electrical signals. * Signal conditioning circuitry, to convert sensor signals into a form that can be converted to digital values. * Analog-to-digital converters, to convert conditioned sensor signals to digital values. Data acquisition applications are usually controlled by software programs developed using various general purpose programming languages such as Assembly, BASIC, C, C++, C#, Fortran, Java, LabVIEW, Lisp, Pascal, etc. Stand-alone data acquisition systems are often called data loggers. There are also open-source softw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transparency (behavior)
As an ethic that spans science, engineering, business, and the humanities, transparency is operating in such a way that it is easy for others to see what actions are performed. Transparency implies openness, communication, and accountability. Transparency is practiced in companies, organizations, administrations, and communities. For example, in a business relation, fees are clarified at the outset by a transparent agent, so there are no surprises later. This is opposed to keeping this information hidden which is "non-transparent". A practical example of transparency is also when a cashier makes changes after a point of sale; they offer a transaction record of the items purchased (e.g., a receipt) as well as counting out the customer's change. In information security, transparency means keeping the arcane, underlying mechanisms hidden so as not to obstruct intended function—an almost opposite sense. It principally refers to security mechanisms that are intentionally undetectable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Sharing
Knowledge sharing is an activity through which knowledge (namely, information, skills, or expertise) is exchanged among people, friends, peers, families, communities (for example, Wikipedia), or within or between organizations. It bridges the individual and organizational knowledge, improving the absorptive and innovation capacity and thus leading to sustained competitive advantage of companies as well as individuals. Knowledge sharing is part of the Knowledge management process. Apart from traditional face-to-face knowledge sharing, social media is a good tool because it is convenient, efficient, and widely used. Organizations have recognized that knowledge constitutes a valuable intangible asset for creating and sustaining competitive advantages. However, technology constitutes only one of the many factors that affect the sharing of knowledge in organizations, such as organizational culture, trust, and incentives. The sharing of knowledge constitutes a major challenge in the f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Cathedral And The Bazaar
''The Cathedral and the Bazaar: Musings on Linux and Open Source by an Accidental Revolutionary'' (abbreviated ''CatB'') is an essay, and later a book, by Eric S. Raymond on software engineering methods, based on his observations of the Linux kernel development process and his experiences managing an open source project, fetchmail. It examines the struggle between top-down and bottom-up design. The essay was first presented by the author at the Linux Kongress on May 27, 1997 in Würzburg (Germany) and was published as the second chapter of the sametitled book in 1999. The illustration on the cover of the book is a 1913 painting by Liubov Popova titled ''Composition with Figures'' and belongs to the collection of the State Tretyakov Gallery. The book was released under the Open Publication License v2.0 in 1999. "The Cathedral and the Bazaar" The essay contrasts two different free software development models: * The ''Cathedral'' model, in which source code is available with each ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Use Of Knowledge In Society
"The Use of Knowledge in Society" is a scholarly article written by economist Friedrich Hayek, first published in the September 1945 issue of ''The American Economic Review''. Written (along with ''The Meaning of Competition'') as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium '' Individualism and Economic Order''. The article is considered one of the most important in the field of modern economics. Argument Hayek's article argues against the establishment of a Central Pricing Board (advocated by Lange) by highlighting the dynamic and organic nature of market price-fluctuations, and the benefits of this phenomenon. He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. A decentralized economy thus compleme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
