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Kaldor–Hicks Efficiency
A Kaldor–Hicks improvement, named for Nicholas Kaldor and John Hicks, is an economic re-allocation of resources among people that captures some of the intuitive appeal of a Pareto improvement, but has less stringent criteria and is hence applicable to more circumstances. A re-allocation is a Kaldor–Hicks improvement if those that are made better off could hypothetically compensate those that are made worse off and lead to a Pareto-improving outcome. The compensation does not actually have to occur (there is no presumption in favor of status-quo) and thus, a Kaldor–Hicks improvement can in fact leave some people worse off. A situation is said to be Kaldor–Hicks efficient, or equivalently is said to satisfy the Kaldor–Hicks criterion, if no potential Kaldor–Hicks improvement from that situation exists. If an outcome is the highest it could possibly be, it is called a Hicks-optimal outcome. A Hicks optimal outcome is always Pareto efficient. Explanation A reallocatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas Kaldor
Nicholas Kaldor, Baron Kaldor (12 May 1908 – 30 September 1986), born Káldor Miklós, was a Cambridge economist in the post-war period. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which are called Kaldor's growth laws. Kaldor worked alongside Gunnar Myrdal to develop the key concept Circular Cumulative Causation, a multicausal approach where the core variables and their linkages are delineated. Both Myrdal and Kaldor examine circular relationships, where the interdependencies between factors are relatively strong, and where variables interlink in the determination of major processes. Gunnar Myrdal got the concept from Knut Wicksell and developed it alongside Nicholas Kaldor when they worked together at the United Nations Economic Commission for Europe. Myrdal concentrated on the social provisioning aspect of development, while ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–benefit Analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: # To determine if an investment (or decision) is sound, ascertaining if – and by how much – its benefits outweigh its costs. # To provide a basis for comparing inve ... [...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, Adam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wolters Kluwer
Wolters Kluwer N.V. () is a Dutch information services company. The company is headquartered in Alphen aan den Rijn, Netherlands (Global) and Philadelphia, United States (corporate). Wolters Kluwer in its current form was founded in 1987 with a merger between Kluwer Publishers and Wolters Samsom. The company serves legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare markets. It operates in over 150 countries. History Early history Jan-Berend Wolters founded the Schoolbook publishing house in Groningen, Netherlands, in 1836. In 1858, the Noordhoff publishing house was founded alongside the Schoolbook publishing house. The two publishing houses merged in 1968. Wolters-Noordhoff merged with Information and Communications Union (ICU) in 1972 and took the name ICU. ICU changed its name to Wolters-Samsom in 1983. The company began serving foreign law firms and multinational companies in China in 1985. In 1987, Elsevier, the largest publishing house in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Economic Journal
''The Economic Journal'' is a peer-reviewed academic journal of economics published on behalf of the Royal Economic Society by Oxford University Press. The journal was established in 1891 and publishes papers from all areas of economics.The editor-in-chief is Francesco Lippi (Libera Università Internazionale degli Studi Sociali Guido Carli & Einaudi Institute of Economics and Finance). According to the Journal Citation Reports, the journal has a 2020 impact factor of 3.178. History Introduction The journal was conceived in November 1890, at the inauguration of the British Economic Association (which became the Royal Economic Society in 1902). One of the central aims of the new society was to create a forum through which British economic research could be published. In a circular sent out before the inaugural meeting, Alfred Marshall, one of the founding members of the society, indicated the significant impact a new journal would have on British economic science: ''...the n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scitovsky Paradox
The Scitovsky paradox is a paradox in welfare economics which is resolved by stating that there is no increase in social welfare by a return to the original part of the losers. It is named after the Hungarian born American economist, Tibor Scitovsky Tibor de Scitovsky, also known as Tibor Scitovsky (November 3, 1910 – June 1, 2002), was a Hungarian born, American economist who was best known for his writing on the nature of people's happiness in relation to consumption. He was Associa .... According to Scitovsky, Kaldor-Hicks criterion involves contradictory and inconsistent results. What Scitovsky demonstrated was it is possible that if an allocation A is deemed superior to another allocation B by the Kaldor compensation criteria, then by a subsequent set of moves by the same criteria, we can prove that B is also superior to A. The paradox occurs when the gainer from the change of allocation A to allocation B can compensate the loser for making the change, but the lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Compensation Principle
In welfare economics, the compensation principle refers to a decision rule used to select between pairs of alternative feasible social states. One of these states is the hypothetical point of departure ("the original state"). According to the compensation principle, if the prospective gainers could compensate (any) prospective losers and leave no one worse off, the alternate state is to be selected (Chipman, 1987, p. 524). An example of a compensation principle is the Pareto criterion in which a change in states entails that such compensation is not merely feasible but required. Two variants are: * the Pareto principle, which requires any change such that ''all'' gain. * the (strong) Pareto criterion, which requires any change such that ''at least one'' gains and no one loses from the change. In non-hypothetical contexts such that the compensation occurs (say in the marketplace), invoking the compensation principle is unnecessary to effect the change. But its use is more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intransitivity
In mathematics, intransitivity (sometimes called nontransitivity) is a property of binary relations that are not transitive relations. This may include any relation that is not transitive, or the Mathematical jargon#stronger, stronger property of antitransitivity, which describes a relation that is never transitive. Intransitivity A relation is transitive if, whenever it relates some A to some B, and that B to some C, it also relates that A to that C. Some authors call a relation if it is not transitive, that is, (if the relation in question is named R) \lnot\left(\forall a, b, c: a R b \land b R c \implies a R c\right). This statement is equivalent to \exists a,b,c : a R b \land b R c \land \lnot(a R c). For instance, in the food chain, wolves feed on deer, and deer feed on grass, but wolves do not feed on grass. Thus, the relation among life forms is intransitive, in this sense. Another example that does not involve preference loops arises in freemasonry: in some instance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Antisymmetric Relation
In mathematics, a binary relation R on a set X is antisymmetric if there is no pair of ''distinct'' elements of X each of which is related by R to the other. More formally, R is antisymmetric precisely if for all a, b \in X, \text \,aRb\, \text \,a \neq b\, \text \,bRa\, \text, or equivalently, \text \,aRb\, \text \,bRa\, \text \,a = b. The definition of antisymmetry says nothing about whether aRa actually holds or not for any a. An antisymmetric relation R on a set X may be reflexive (that is, aRa for all a \in X), irreflexive (that is, aRa for no a \in X), or neither reflexive nor irreflexive. A relation is asymmetric if and only if it is both antisymmetric and irreflexive. Examples The divisibility relation on the natural numbers is an important example of an antisymmetric relation. In this context, antisymmetry means that the only way each of two numbers can be divisible by the other is if the two are, in fact, the same number; equivalently, if n and m are distinct and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tibor Scitovsky
Tibor de Scitovsky, also known as Tibor Scitovsky (November 3, 1910 – June 1, 2002), was a Hungarian born, American economist who was best known for his writing on the nature of people's happiness in relation to consumption. He was Associate Professor and Professor of Economics at Stanford University from 1946 through 1958 and Eberle Professor of Economics from 1970 until his retirement in 1976, when he became Professor Emeritus. In honor of his deep contributions to economic analysis, he was elected Distinguished Fellow of the American Economic Association, Fellow of the Royal Economic Society, member of the American Academy of Arts and Sciences, and Corresponding Fellow of the British Academy. Life Scitovsky was born in Hungary in 1910. As the ''de'' indicates, he was born into a noble family; his father, Tibor Scitovszky, held the post of Foreign Minister. He was educated at the Pázmány Péter University (from which he held an undergraduate degree in law), University ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Managerial Economics
Managerial economics is a branch of economics involving the application of economic methods in the managerial decision-making process.• Trefor Jones (2004). ''Business Economics and Managerial Decision Making'', WileyDescriptionand chapter-previewlinks • Nick Wilkinson (2005). ''Managerial Economics: A Problem-Solving Approach'', Cambridge University PressDescriptionanpreview. • Maria Moschandreas (2000). ''Business Economics'', 2nd Edition, Thompson Learning.Descriptionand chapter-previelinks Economics is the study of the production, distribution and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. Managers use economic frameworks in order to optimise profits, resource allocation and the overall output of the firm, whilst improving efficiency and minimising unproductive activities. These frameworks assist organisations to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Hicks
Sir John Richards Hicks (8 April 1904 – 20 May 1989) was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book ''Value and Capital'' (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him. In 1972 he received the Nobel Memorial Prize in Economic Sciences (jointly) for his pioneering contributions to general equilibrium theory and welfare theory. Early life Hicks was born in 1904 in Warwick, England, and was the son of Dorothy Catherine (Stephens) and Edward Hicks, a journalist at a local newspaper. He was educated at Clifton College (1917–1922) and at Balliol College, Oxford (1922– ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
