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Monotone Preferences
In economics, an agent's preferences are said to be weakly monotonic if, given a consumption bundle x, the agent prefers all consumption bundles y that have more of all goods. That is, y \gg x implies y\succ x. An agent's preferences are said to be strongly monotonic if, given a consumption bundle x, the agent prefers all consumption bundles y that have more of at least one good, and not less in any other good. That is, y\geq x and y\neq x imply y\succ x. This definition defines monotonic increasing preferences. Monotonic decreasing preferences can often be defined to be compatible with this definition. For instance, an agent's preferences for pollution may be monotonic decreasing (less pollution is better). In this case, the agent's preferences for lack of pollution are monotonic increasing. Much of consumer theory relies on a weaker assumption, local nonsatiation. An example of preferences which are weakly monotonic but not strongly monotonic are those represented by a Leontief ... [...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] |
Consumption (economics)
Consumption is the act of using resources to satisfy current needs and wants. It is seen in contrast to investing, which is spending for acquisition of ''future'' income. Consumption is a major concept in economics and is also studied in many other social sciences. Different schools of economists define consumption differently. According to mainstream economists, only the final purchase of newly produced goods and services by individuals for immediate use constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories (see consumer choice). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services). Economists are particularly interested in the relationship betwee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Local Nonsatiation
In microeconomics, the property of local nonsatiation of consumer preferences states that for any bundle of goods there is always another bundle of goods arbitrarily close that is strictly preferred to it.''Microeconomic Theory'', by A. Mas-Colell, et al. Formally, if X is the consumption set, then for any x \in X and every \varepsilon>0, there exists a y \in X such that \, y-x \, \leq \varepsilon and y is strictly preferred to x. Several things to note are: # Local nonsatiation is implied by monotonicity of preferences. However, as the converse is not true, local nonsatiation is a weaker condition. # There is no requirement that the preferred bundle ''y'' contain more of any good – hence, some goods can be "bads" and preferences can be non-monotone. # It rules out the extreme case where all goods are " bads", since the point ''x'' = 0 would then be a bliss point. # Local nonsatiation can only occur either if the consumption set is unbounded or open (in other words, it i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leontief Utilities
In economics, especially in consumer theory, a Leontief utility function is a function of the form: u(x_1,\ldots,x_m)=\min\left\ . where: * m is the number of different goods in the economy. * x_i (for i\in 1,\dots,m) is the amount of good i in the bundle. * w_i (for i\in 1,\dots,m) is the weight of good i for the consumer. This form of utility function was first conceptualized by Wassily Leontief. Examples Leontief utility functions represent complementary goods. For example: * Suppose x_1 is the number of left shoes and x_2 the number of right shoes. A consumer can only use pairs of shoes. Hence, his utility is \min(x_1,x_2). * In a cloud computing environment, there is a large server that runs many different tasks. Suppose a certain type of a task requires 2 CPUs, 3 gigabytes of memory and 4 gigabytes of disk-space to complete. The utility of the user is equal to the number of completed tasks. Hence, it can be represented by: \min(, , ). Properties A consumer with a Leonti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monotonicity Criterion
The monotonicity criterion is a voting system criterion used to evaluate both single and multiple winner ranked voting systems. A ranked voting system is monotonic if it is neither possible to prevent the election of a candidate by ranking them higher on some of the ballots, nor possible to elect an otherwise unelected candidate by ranking them lower on some of the ballots (while nothing else is altered on any ballot).D R Woodall"Monotonicity and Single-Seat Election Rules" ''Voting matters'', Issue 6, 1996 That is to say, in single winner elections no winner is harmed by up-ranking and no loser is helped by down-ranking. Douglas Woodall called the criterion mono-raise. Raising a candidate on some ballots ''while changing'' the orders of other candidates does ''not'' constitute a failure of monotonicity. E.g., harming candidate by changing some ballots from to would violate the monotonicity criterion, while harming candidate by changing some ballots from to would not. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resource Monotonicity
Resource monotonicity (RM; aka aggregate monotonicity) is a principle of fair division. It says that, if there are more resources to share, then all agents should be weakly better off; no agent should lose from the increase in resources. The RM principle has been studied in various division problems. Allocating divisible resources Single homogeneous resource, general utilities Suppose society has m units of some homogeneous divisible resource, such as water or flour. The resource should be divided among n agents with different utilities. The utility of agent i is represented by a function u_i; when agent i receives y_i units of resource, he derives from it a utility of u_i(y_i). Society has to decide how to divide the resource among the agents, i.e, to find a vector y_1,\dots,y_n such that: y_1+\cdots+y_n = m. Two classic allocation rules are the egalitarian rule - aiming to equalize the utilities of all agents (equivalently: maximize the minimum utility), and the utilitari ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strict
In mathematical writing, the term strict refers to the property of excluding equality and equivalence and often occurs in the context of inequality and monotonic functions. It is often attached to a technical term to indicate that the exclusive meaning of the term is to be understood. The opposite is non-strict, which is often understood to be the case but can be put explicitly for clarity. In some contexts, the word "proper" can also be used as a mathematical synonym for "strict". Use This term is commonly used in the context of inequalities — the phrase "strictly less than" means "less than and not equal to" (likewise "strictly greater than" means "greater than and not equal to"). More generally, a strict partial order, strict total order, and strict weak order exclude equality and equivalence. When comparing numbers to zero, the phrases "strictly positive" and "strictly negative" mean "positive and not equal to zero" and "negative and not equal to zero", respectively. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andreu Mas-Colell
Andreu Mas-Colell (; born 29 June 1944) is an economist, an expert in microeconomics and a prominent mathematical economist. He is the founder of the Barcelona Graduate School of Economics and a professor in the department of economics at Pompeu Fabra University in Barcelona, Catalonia, Spain. He has also served several times in the cabinet of the Catalan government.Curriculum vitae from Mas-Colell's web site at Pompeu Fabra, retrieved 2011-01-17.Faculty profile Barcelona Graduate School of Economics, retrieved 2011-01-17.. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Whinston
Michael D. Whinston is an American economist and currently the Sloan Fellows Professor at Massachusetts Institute of Technology. Previously he was the Robert E. and Emily H. King Professor at Northwestern University and is also a Fellow to the American Academy of Arts and Sciences and Econometric Society. Education Whinston received a bachelors of science in economics and an MBA in finance from Wharton at the University of Pennsylvania. He then went on to receive a PhD in economics from MIT. Personal life Whinston is married to political theorist and Brown University professor Bonnie Honig. Honors Frisch Medal The Frisch Medal is an award in economics given by the Econometric Society. It is awarded every two years for empirical or theoretical applied research published in ''Econometrica'' during the previous five years. The award was named in honor of Ra ...: awarded the Frisch Medal in 2015 for a paper he co-authored with Ben Handel and Igal Handel titled “Equilibria ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jerry Green (economist)
Jerry Richard Green (born December 15, 1946) is the John Leverett Professor in the University and the David A. Wells Professor of Political Economy at Harvard University. He is known for his research in economic theory, as well as writing the most commonly used microeconomic theory textbook for graduate school with Andreu Mas-Colell and Michael Whinston, ''Microeconomic Theory''. Biography Green received his bachelor's degree from the University of Rochester in 1967 and his Ph.D. in economics in 1970. He then joined Harvard's economics faculty. He was Harvard's Provost from 1992-1994 and chaired the economics department from 1984-1987. He is a recipient of the J. Kenneth Galbraith Prize for excellence in teaching. He is a Senior Fellow at the Harvard Society of Fellows and a fellow of the Econometric Society. He was elected fellow of the American Academy of Arts and Sciences in 1994 and fellow of the Society for the Advancement of Economic Theory The Society for the Advancement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
