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Public Goods Game
The public goods game is a standard of experimental economics. In the basic game, subjects secretly choose how many of their private tokens to put into a public pot. The tokens in this pot are multiplied by a factor (greater than one and less than the number of players, N) and this " public good" payoff is evenly divided among players. Each subject also keeps the tokens they do not contribute. Introduction Public goods games are fundamental in experimental economics. The nature of the experiment is incentives and the problem of free riding. Public goods games investigate the incentives of individuals who free-ride off individuals who are contributing to the common pool. A public goods game investigates behavioural economics and the actions of the players in the game. In this process, it seeks to use behavioural economics to understand the decisions of its players. It extends further to free-riding, which has far-reaching applications to environmental, managerial and social econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Goods Game
The public goods game is a standard of experimental economics. In the basic game, subjects secretly choose how many of their private tokens to put into a public pot. The tokens in this pot are multiplied by a factor (greater than one and less than the number of players, N) and this " public good" payoff is evenly divided among players. Each subject also keeps the tokens they do not contribute. Introduction Public goods games are fundamental in experimental economics. The nature of the experiment is incentives and the problem of free riding. Public goods games investigate the incentives of individuals who free-ride off individuals who are contributing to the common pool. A public goods game investigates behavioural economics and the actions of the players in the game. In this process, it seeks to use behavioural economics to understand the decisions of its players. It extends further to free-riding, which has far-reaching applications to environmental, managerial and social econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Rider Problem
In the social sciences, the free-rider problem is a type of market failure that occurs when those who benefit from resources, public goods (such as public roads or public library), or services of a communal nature do not pay for them or under-pay. Free riders are a problem because while not paying for the good (either directly through fees or tolls or indirectly through taxes), they may continue to access or consume it. Thus, the good may be under-produced, overused or degraded. Additionally, it has been shown that despite evidence that people tend to be cooperative by nature, the presence of free-riders cause this prosocial behaviour to deteriorate, perpetuating the free-rider problem. The free-rider problem in social science is the question of how to limit free riding and its negative effects in these situations. Such an example is the free-rider problem of when property rights are not clearly defined and imposed. The free-rider problem is common with public goods which are n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Endowment
A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial, real estate, or other investments for a specific purpose according to the will of its founders and donors. Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy. Endowments are often governed and managed either as a nonprofit corporation, a charitable foundation, or a private foundation that, while serving a good cause, might not qualify as a public charity. In some jurisdictions, it is common for endowed funds to be established as a trust independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., colleges, universities, and private schools); cultural institutions (e.g., museums, librarie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behaviour
Behavior (American English) or behaviour (British English) is the range of actions and mannerisms made by individuals, organisms, systems or artificial entities in some environment. These systems can include other systems or organisms as well as the inanimate physical environment. It is the computed response of the system or organism to various stimuli or inputs, whether internal or external, conscious or subconscious, overt or covert, and voluntary or involuntary. Taking a behavior informatics perspective, a behavior consists of actor, operation, interactions, and their properties. This can be represented as a behavior vector. Models Biology Although disagreement exists as to how to precisely define behavior in a biological context, one common interpretation based on a meta-analysis of scientific literature states that "behavior is the internally coordinated responses (actions or inactions) of whole living organisms (individuals or groups) to internal and/or external sti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social
Social organisms, including human(s), live collectively in interacting populations. This interaction is considered social whether they are aware of it or not, and whether the exchange is voluntary or not. Etymology The word "social" derives from the Latin word ''socii'' ("allies"). It is particularly derived from the Italian ''Socii'' states, historical allies of the Roman Republic (although they rebelled against Rome in the Social War of 91–87 BC). Social theorists In the view of Karl MarxMorrison, Ken. ''Marx, Durkheim, Weber. Formations of modern social thought'', human beings are intrinsically, necessarily and by definition social beings who, beyond being "gregarious creatures", cannot survive and meet their needs other than through social co-operation and association. Their social characteristics are therefore to a large extent an objectively given fact, stamped on them from birth and affirmed by socialization processes; and, according to Marx, in producing and reproducin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategy
Strategy (from Greek στρατηγία ''stratēgia'', "art of troop leader; office of general, command, generalship") is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty. In the sense of the "art of the general", which included several subsets of skills including military tactics, siegecraft, logistics etc., the term came into use in the 6th century C.E. in Eastern Roman terminology, and was translated into Western vernacular languages only in the 18th century. From then until the 20th century, the word "strategy" came to denote "a comprehensive way to try to pursue political ends, including the threat or actual use of force, in a dialectic of wills" in a military conflict, in which both adversaries interact. Strategy is important because the resources available to achieve goals are usually limited. Strategy generally involves setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Framing Effect (psychology)
The framing effect is a cognitive bias where people decide on options based on whether the options are presented with positive or negative connotations; e.g. as a loss or as a gain. People tend to avoid risk when a positive frame is presented but seek risks when a negative frame is presented. Gain and loss are defined in the scenario as descriptions of outcomes (e.g., lives lost or saved, disease patients treated and not treated, etc.). Prospect theory posits that a loss is more significant than the equivalent gain, that a sure gain (certainty effect and pseudocertainty effect) is favored over a probabilistic gain, and that a probabilistic loss is preferred to a definite loss. One of the dangers of framing effects is that people are often provided with options within the context of only one of the two frames. The concept helps to develop an understanding of frame analysis within social movements, and also in the formation of political opinion where spin plays a large role in pol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Rate Of Substitution
In economics, the marginal rate of substitution (MRS) is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility. At equilibrium consumption levels (assuming no externalities), marginal rates of substitution are identical. The marginal rate of substitution is one of the three factors from marginal productivity, the others being marginal rates of transformation and marginal productivity of a factor. As the slope of indifference curve Under the standard assumption of neoclassical economics that goods and services are continuously divisible, the marginal rates of substitution will be the same regardless of the direction of exchange, and will correspond to the slope of an indifference curve (more precisely, to the slope multiplied by −1) passing through the consumption bundle in question, at that point: mathematically, it is the implicit derivative. MRS of X for Y is the amount of Y which a consumer ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Household Income
Household income is a measure of the combined incomes of all people sharing a particular household or place of residence. It includes every form of income, e.g., salaries and wages, retirement income, near cash government transfers like food stamps, and investment gains. Average household incomes need not map directly to measures of an individual's earnings such as per capita income as numbers of people sharing households and numbers of income earners per household can vary significantly between regions and over time. Average household income can be used as an indicator for the monetary well-being of a country's citizens. Mean or median net household income, after taxes and mandatory contributions, are taken as indicators of standard of living, because they include only disposable income and acknowledge people sharing accommodation benefit from pooling at least some of their living costs. Median income is the amount that divides the income distribution into two equal groups, hal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inequity Aversion
Inequity aversion (IA) is the preference for fairness and resistance to incidental inequalities. The social sciences that study inequity aversion include sociology, economics, psychology, anthropology, and ethology. Human studies Inequity aversion research on humans mostly occurs in the discipline of economics though it is also studied in sociology. Research on inequity aversion began in 1978 when studies suggested that humans are sensitive to inequities in favor of as well as those against them, and that some people attempt overcompensation when they feel "guilty" or unhappy to have received an undeserved reward. A more recent definition of inequity aversion (resistance to inequitable outcomes) was developed in 1999 by Fehr and Schmidt. They postulated that people make decisions so as to minimize inequity in outcomes. Specifically, consider a setting with individuals who receive pecuniary outcomes ''xi''. Then the utility to person ''i'' would be given by :U_i(\) = x_i - \frac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
