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Intensity Of Preference
Intensity of preference, also known as intensity preference, is a term popularized by the work of the economist Kenneth Arrow, who was a co-recipient of the 1972 Nobel Memorial Prize in Economics. This term is used in reference to models for aggregating ordinal rankings. This term is used in economics, politics, marketing, management science and other areas in which methods to derive the consensus ranking are developed. In an analysis of voting, for example, the intensity of preference is a measure of an individual voter's (or group of voters') willingness to incur the costs or inconvenience of the act of officially registering a preferential choice at the time and place required, not the vote itself.Arrow, Kenneth J. (1963). Social choices The "intensity" of preference can be a factor in aggregating individual choices into social choices.Tulane University "Proof of Arrow's Impossibility Theorem,"citing J. Kelly, ''Social Choice Theory: An Introduction'' :Independence of irrel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Arrow
Kenneth Joseph Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972. In economics, he was a major figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information. Education and early career Arrow was born on 23 August 1921, in New York City. Arrow's mother, Lilian (Greenberg), was from Iași, Romania, and his father, Harry Arrow, was from nearby Podu Iloaiei. The Arrow family were Romanian Jews. His family was very supportive of his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize In Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...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] |
Politics
Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that studies politics and government is referred to as political science. It may be used positively in the context of a "political solution" which is compromising and nonviolent, or descriptively as "the art or science of government", but also often carries a negative connotation.. The concept has been defined in various ways, and different approaches have fundamentally differing views on whether it should be used extensively or limitedly, empirically or normatively, and on whether conflict or co-operation is more essential to it. A variety of methods are deployed in politics, which include promoting one's own political views among people, negotiation with other political subjects, making laws, and exercising internal and external force, including wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Servic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Management Science
Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is closely related to management, economics, business, engineering, management consulting, and other fields. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms and aims to improve an organization's ability to enact rational and accurate management decisions by arriving at optimal or near optimal solutions to complex decision problems. Management science looks to help businesses achieve goals using a number of scientific methods. The field was initially an outgrowth of applied mathematics, where early challenges were problems relating to the optimization of systems which could be modeled linearly, i.e., determining the optima (Maxima an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arrow's Impossibility Theorem
Arrow's impossibility theorem, the general possibility theorem or Arrow's paradox is an impossibility theorem in social choice theory that states that when voters have three or more distinct alternatives (options), no ranked voting electoral system can convert the ranked preferences of individuals into a community-wide (complete and transitive) ranking while also meeting the specified set of criteria: '' unrestricted domain'', '' non-dictatorship'', ''Pareto efficiency'', and ''independence of irrelevant alternatives''. The theorem is often cited in discussions of voting theory as it is further interpreted by the Gibbard–Satterthwaite theorem. The theorem is named after economist and Nobel laureate Kenneth Arrow, who demonstrated the theorem in his doctoral thesis and popularized it in his 1951 book ''Social Choice and Individual Values''. The original paper was titled "A Difficulty in the Concept of Social Welfare". In short, the theorem states that no rank-order electoral syst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Majority Rule
Majority rule is a principle that means the decision-making power belongs to the group that has the most members. In politics, majority rule requires the deciding vote to have majority, that is, more than half the votes. It is the binary decision rule used most often in influential decision-making bodies, including many legislatures of democratic nations. Distinction with plurality Decision-making in a legislature is different from election of representation, although the result of plurality (First Past the Post or FPTP) elections is often mistaken for majority rule. Plurality elections elect the option that has more votes than any other, regardless of whether the fifty percent threshold is passed. A plurality election produces representation of a majority when there are only two candidates in an election or, more generally, when there are only two options. However, when there are more than two alternatives, a candidate that has less than fifty percent of the votes cast in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Storable Voting
Storable votes (also storable voting) is a multiple-issue electoral system with the potential to promote minority rights relative to a simple majority system. More generally, it allows voters to express the relative intensities of their preferences over different issues, in addition to the direction of their preferences. Voting with Storable votes Context Storable Votes apply to a context where several binary issues (Yes/No questions) are to be decided. Imagine a committee, for example the board of a central bank, that every month needs to vote on an up-or-down decision, say changing the interest rate or not. Each month, the decision is taken according to the majority of votes cast. Instead of having one vote for each monthly meeting, suppose that each committee member is granted 12 votes at the beginning of the year and can cast as many of these votes as s/he wishes at any one meeting. Clearly if a committee member casts more than one vote at one meeting, then that membe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics Theorems
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 beh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voting Theory
Social choice theory or social choice is a theoretical framework for analysis of combining individual opinions, preferences, interests, or welfares to reach a ''collective decision'' or ''social welfare'' in some sense.Amartya Sen (2008). "Social Choice,". ''The New Palgrave Dictionary of Economics'', 2nd EditionAbstract & TOC./ref> Whereas choice theory is concerned with individuals making choices based on their preferences, social choice theory is concerned with how to translate the preferences of individuals into the preferences of a group. A non-theoretical example of a collective decision is enacting a law or set of laws under a constitution. Another example is voting, where individual preferences over candidates are collected to elect a person that best represents the group's preferences. Social choice blends elements of welfare economics and public choice theory. It is methodologically individualistic, in that it aggregates preferences and behaviors of individual member ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
