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Information Economics
Information economics or the economics of information is the branch of microeconomics that studies how information and information systems affect an economy and economic decisions. One application considers information embodied in certain types of commodities that are "expensive to produce but cheap to reproduce." Samuelson, Paul A., and William D. Nordhaus (2001). Economics, p.194. Examples include computer software (e.g., Microsoft Windows), pharmaceuticals, and technical books. Once information is recorded "on paper, in a computer, or on a compact disc, it can be reproduced and used by a second person essentially for free." Without the basic research, initial production of high-information commodities may be too unprofitable to market, a type of market failure. Government subsidization of basic research has been suggested as a way to mitigate the problem. The subject of "information economics" is treated under ''Journal of Economic Literature'' classification code JEL D8 ... [...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 d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge
Knowledge can be defined as Descriptive knowledge, awareness of facts or as Procedural knowledge, practical skills, and may also refer to Knowledge by acquaintance, familiarity with objects or situations. Knowledge of facts, also called propositional knowledge, is often defined as Truth, true belief that is distinct from opinion or guesswork by virtue of Justification (epistemology), justification. While there is wide agreement among philosophers that propositional knowledge is a form of true belief, many controversies in philosophy focus on justification: whether it is needed at all, how to understand it, and whether something else besides it is needed. These controversies intensified due to a series of Gettier problem#Gettier's two original counterexamples, thought experiments by Edmund Gettier and have provoked various alternative definitions. Some of them deny that justification is necessary and replace it, for example, with Reliabilism, reliability or the manifestation o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complete Information
In economics and game theory, complete information is an economic situation or game in which knowledge about other market participants or players is available to all participants. The utility functions (including risk aversion), payoffs, strategies and "types" of players are thus common knowledge. Complete information is the concept that each player in the game is aware of the sequence, strategies, and payoffs throughout gameplay. Given this information, the players have the ability to plan accordingly based on the information to maximize their own strategies and utility at the end of the game. Inversely, in a game with incomplete information, players do not possess full information about their opponents. Some players possess private information, a fact that the others should take into account when forming expectations about how those players will behave. A typical example is an auction: each player knows his own utility function (valuation for the item), but does not know the utili ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jan Mycielski
Jan Mycielski (born February 7, 1932 in Wiśniowa, Podkarpackie Voivodeship, Poland)Curriculum vitae from Mycielski's web site, retrieved 2010-03-10. is a Polish-American , a professor emeritus of mathematics at the . Academic career Mycielski received his Ph.D. in mathematics from the |
Perfect Information
In economics, perfect information (sometimes referred to as "no hidden information") is a feature of perfect competition. With perfect information in a market, all consumers and producers have complete and instantaneous knowledge of all market prices, their own utility, and own cost functions. In game theory, a sequential game has perfect information if each player, when making any decision, is perfectly informed of all the events that have previously occurred, including the "initialization event" of the game (e.g. the starting hands of each player in a card game).Archived aGhostarchiveand thWayback Machine Perfect information defined at 0:25, with academic sources and . Perfect information is importantly different from complete information, which implies common knowledge of each player's utility functions, payoffs, strategies and "types". A game with perfect information may or may not have complete information. Games where some aspect of play is ''hidden'' from opponents - ... [...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 mathem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Library Of Economics And Liberty
Liberty Fund, Inc. is an American private educational foundation headquartered in Carmel, founded by Pierre F. Goodrich. Through publishing, conferences, and educational resources, the operating mandate of the Liberty Fund was set forth in an unpublished memo written by Goodrich "to encourage the study of the ideal of a society of free and responsible individuals".Morgan N. KnullGoodrich, Pierre, '' First Principles'', 09/23/11Robert T. Grimm (ed.), ''Notable American Philanthropists: Biographies of Giving and Volunteering'', Greenwood Publishing Group, 2002, pp. 125–128 History Liberty Fund was founded by Pierre F. Goodrich in 1960. In 1997 it received an $80 million donation from Goodrich's wife, Enid, increasing its assets to over $300 million. In November 2015, it was announced that the Liberty Fund was building a $22 million headquarters in Carmel, Indiana. Liberty Fund has been cited by historian Donald T. Critchlow as one of the endowed conservative foundations wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Concise Encyclopedia Of Economics
Liberty Fund, Inc. is an American private educational foundation headquartered in Carmel, founded by Pierre F. Goodrich. Through publishing, conferences, and educational resources, the operating mandate of the Liberty Fund was set forth in an unpublished memo written by Goodrich "to encourage the study of the ideal of a society of free and responsible individuals".Morgan N. KnullGoodrich, Pierre, '' First Principles'', 09/23/11Robert T. Grimm (ed.), ''Notable American Philanthropists: Biographies of Giving and Volunteering'', Greenwood Publishing Group, 2002, pp. 125–128 History Liberty Fund was founded by Pierre F. Goodrich in 1960. In 1997 it received an $80 million donation from Goodrich's wife, Enid, increasing its assets to over $300 million. In November 2015, it was announced that the Liberty Fund was building a $22 million headquarters in Carmel, Indiana. Liberty Fund has been cited by historian Donald T. Critchlow as one of the endowed conservative foundations whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sanford J
Sanford may refer to: People * Sanford (given name), including a list of people with the name * Sanford (surname), including a list of people with the name Places United States * Sanford, Alabama, a town in Covington County * Sanford, Colorado, a statutory town in Conejos County * Sanford, Florida, the county seat of Seminole County ** Orlando Sanford International Airport, in Sanford, Floria * Sanford, Georgia, an unincorporated community * Sanford, Kansas, an unincorporated community in Pawnee County * Sanford, Maine, a city in York County ** Sanford (CDP), Maine, a former census-designated place in downtown Sanford * Sanford, Michigan, a village in Midland County * Sanford, Mississippi, an unincorporated community in Covington County * Sanford, New York, a town in Broome County * Sanford, North Carolina, a city in Lee County * Sanford, Texas, a town in Hutchinson County * Sanford, Virginia, a census-designated place in Accomack County * Mount Sanford (Alaska), a s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harold Demsetz
Harold Demsetz (; May 31, 1930 – January 4, 2019) was an American professor of economics at the University of California at Los Angeles (UCLA). Career Demsetz grew up on the West Side of Chicago, the grandchild of Jewish immigrants from central and eastern Europe. He studied engineering, forestry, and philosophy at four universities before being awarded a B.A. (1953) in economics from the University of Illinois, and an MBA (1954) and a Ph.D. (1959) from Northwestern University. While a graduate student, he published an article each in ''Econometrica'' and the ''Journal of Political Economy''. Demsetz taught at the University of Michigan (1958–60), UCLA, 1960–63, and the Graduate School of Business at the University of Chicago, 1963–71. In 1971, he returned permanently to UCLA's Economics Department, which he chaired 1978–80. He held the Arthur Andersen UCLA Alumni Chair in Business Economics, 1986–95. He has been affiliated with the Center for Naval Analyses and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Armen A
Armen may refer to: * the ''Armani'', a tribe of the Armenian Highlands and Anatolia Anatolia, tr, Anadolu Yarımadası), and the Anatolian plateau, also known as Asia Minor, is a large peninsula in Western Asia and the westernmost protrusion of the Asian continent. It constitutes the major part of modern-day Turkey. The ... ** sometimes associated with the Name of Armenia * Armen (name), including a list of people with the name Places * Armen, Albania, a town in southern Albania * Ar Men ("the rock" in Breton), a lighthouse at one end of the Chaussée de l'Île de Sein, at the west end of Brittany See also * Armin (name) * Armine {{disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Theory
From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations. Holmström ( MIT) focused more on the connec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
