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Revealed Preference Theory
Revealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory arose because existing theories of consumer demand were based on a diminishing marginal rate of substitution (MRS). This diminishing MRS relied on the assumption that consumers make consumption decisions to maximise their utility. While utility maximisation was not a controversial assumption, the underlying utility functions could not be measured with great certainty. Revealed preference theory was a means to reconcile demand theory by defining utility functions by observing behaviour. Therefore, revealed preference is a way to infer the preferences of individuals given the observed choices. It contrasts with attempts to directly meas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". "In a career that spanned seven decades, he transformed his field, influenced millions of students and turned MIT into an economics powerhouse" Economic historian Randall E. Parker has called him the "Father of Modern Economics", and ''The New York Times'' considers him to be the "foremost academic economist of the 20th century". Samuelson was likely the most influential economist of the latter half of the 20th century."Paul ... [...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] |
Hal R
HAL may refer to: Aviation * Halali Airport (IATA airport code: HAL) Halali, Oshikoto, Namibia * Hawaiian Airlines (ICAO airline code: HAL) * HAL Airport, Bangalore, India * Hindustan Aeronautics Limited an Indian aerospace manufacturer of fighter aircraft and helicopters Businesses * HAL Allergy, a Dutch pharmaceutical company * HAL Computer Systems, a defunct computer manufacturer * HAL Laboratory, a Japanese video game developer * Halliburton's New York Stock Exchange ticker symbol * Hamburg America Line, a shipping company * Hindustan Aeronautics Limited, an Indian aerospace manufacturer of fighter aircraft and helicopters * Hindustan Antibiotics Limited, an Indian public sector pharmaceutical manufacturer * Holland America Line, a cruise ship operator * HAL FM, or CHNS-FM, a classic rock station in Halifax, Nova Scotia Computing * Hardware abstraction layer, a layer of software that hides hardware differences from higher level programs * HAL (software), an implementation of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Economic Review
The ''International Economic Review'', (IER) is a quarterly peer-reviewed scientific journal in economics published by the Economics Department of the University of Pennsylvania and Osaka University. The journal's focus is wide and includes many areas of economics, including econometrics, economic theory, macroeconomics, and applied economics. IER was started in 1960 by Michio Morishima, at Osaka University's Institute of Social Economic Research (ISER), and Lawrence R. Klein, at the University of Pennsylvania's Wharton School and Department of Economics. The Kansai Economic Federation of Osaka materially and financially supported the IER at its initial stages. In the present, the IER is run as a non-profit joint academic venture between ISER and the Department of Economics at the University of Pennsylvania. The journal is currently edited by Harold L. Cole of the Pennsylvania Editorial Office and co-edited by Charles Yuji Horioka of the Osaka Editorial Office. The chair of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economica
''Economica'' is a peer-reviewed academic journal of generalist economics published on behalf of the London School of Economics by Wiley-Blackwell. Established in 1921, it is currently edited by Nava Ashraf, Oriana Bandiera, Tim Besley, Francesco Caselli, Maitreesh Ghatak, Stephen Machin, Ian Martin, and Gianmarco Ottaviano. Notable papers Two very influential papers in economics were published in ''Economica'' and have inspired a lecture series held annually at the London School of Economics: * * Abstracting and indexing According to the ''Journal Citation Reports'', the journal has a 2018 impact factor of 1.500, ranking it 149th out of 363 journals in the category "Economics". See also * List of economics journals The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics. Popular magazines or other publications related to economics, finance, or business are not listed. A *'' Affilia'' *''A ... Refe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Induced Demand
In economics, induced demand – related to latent demand and generated demandSchneider, Benjamin (September 6, 2018"CityLab University: Induced Demand"''CityLab'' – is the phenomenon whereby an increase in supply results in a decline in price and an increase in consumption. In other words, as a good or service becomes more readily available and mass produced, its price goes down and consumers are more likely to buy it, meaning that demand subsequently increases. This is consistent with the economic theory of supply and demand. In transportation planning, induced demand, also called "induced traffic" or consumption of road capacity, has become important in the debate over the expansion of transportation systems, and is often used as an argument against increasing roadway traffic capacity as a cure for congestion. Induced traffic may be a contributing factor to urban sprawl. City planner Jeff Speck has called induced demand "the great intellectual black hole in city plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedonic Regression
In economics, hedonic regression, also sometimes called hedonic demand theory, is a revealed preference method for estimating demand or value. It decomposes the item being researched into its constituent characteristics, and obtains estimates of the contributory value for each. This requires that the composite good (the item being researched and valued) ''can'' be reduced to its constituent parts and that those resulting parts are in some way valued by the market. Hedonic models are most commonly estimated using regression analysis, although some more generalized models such as sales adjustment grids are special cases which do not. An attribute vector, which may be a dummy or panel variable, is assigned to each characteristic or group of characteristics. Hedonic models can accommodate non-linearity, variable interaction, and other complex valuation situations. Hedonic models are commonly used in real estate appraisal, real estate economics and Consumer Price Index (CPI) calculat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foot Voting
Foot voting is expressing one's preferences through one's actions, by voluntarily participating in or withdrawing from an activity, group, or process; especially, physical migration to leave a situation one does not like, or to move to a situation one regards as more beneficial. People who engage in foot voting are said to "vote with their feet". Legal scholar Ilya Somin has described foot voting as "a tool for enhancing political freedom: the ability of the people to choose the political regime under which they wish to live". Communist leader Vladimir Lenin commented, "They voted with their feet," regarding Russian soldiers deserting the army of the Tsar. The concept has also been associated with Charles Tiebout, who pioneered the concept (although he did not use the ''term'' "foot voting") in a 1956 paper, and with Ronald Reagan, who advocated migration between states of the United States as a solution to unsatisfactory local conditions. Law and politics Legal scholar Ilya Som ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contingent Valuation
Contingent valuation is a survey-based economic technique for the valuation of non- market resources, such as environmental preservation or the impact of externalities like pollution. While these resources do give people utility, certain aspects of them do not have a market price as they are not directly sold – for example, people receive benefit from a beautiful view of a mountain, but it would be tough to value using price-based models. Contingent valuation surveys are one technique which is used to measure these aspects. Contingent valuation is often referred to as a ''stated preference'' model, in contrast to a price-based ''revealed preference'' model. Both models are utility-based. Typically the survey asks how much money people would be willing to pay (or willing to accept) to maintain the existence of (or be compensated for the loss of) an environmental feature, such as biodiversity. History Contingent valuation surveys were first proposed in theory by S.V. Ciriacy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conjoint Analysis
Conjoint analysis is a survey-based statistical technique used in market research that helps determine how people value different attributes (feature, function, benefits) that make up an individual product or service. The objective of conjoint analysis is to determine what combination of a limited number of attributes is most influential on respondent choice or decision making. A controlled set of potential products or services is shown to survey respondents and by analyzing how they make choices among these products, the implicit valuation of the individual elements making up the product or service can be determined. These implicit valuations (utilities or part-worths) can be used to create market models that estimate market share, revenue and even profitability of new designs. Conjoint analysis originated in mathematical psychology and was developed by marketing professor Paul E. Green at the Wharton School of the University of Pennsylvania. Other prominent conjoint analysis pi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Choice Modelling
Choice modelling attempts to model the decision process of an individual or segment via revealed preferences or stated preferences made in a particular context or contexts. Typically, it attempts to use discrete choices (A over B; B over A, B & C) in order to infer positions of the items (A, B and C) on some relevant latent scale (typically "utility" in economics and various related fields). Indeed many alternative models exist in econometrics, marketing, sociometrics and other fields, including utility maximization, optimization applied to consumer theory, and a plethora of other identification strategies which may be more or less accurate depending on the data, sample, hypothesis and the particular decision being modelled. In addition, choice modelling is regarded as the most suitable method for estimating consumers' willingness to pay for quality improvements in multiple dimensions. Related terms There are a number of terms which are considered to be synonyms with the term ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amartya Sen
Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher, who since 1972 has taught and worked in the United Kingdom and the United States. Sen has made contributions to welfare economics, social choice theory, economic and social justice, economic theories of famines, decision theory, development economics, public health, and measures of well-being of countries. He is currently a Thomas W. Lamont University Professor, and Professor of Economics and Philosophy at Harvard University. He formerly served as Master of Trinity College at the University of Cambridge. He was awarded the Nobel Memorial Prize in Economic Sciences in 1998 and India's Bharat Ratna in 1999 for his work in welfare economics. The German Publishers and Booksellers Association awarded him the 2020 Peace Prize of the German Book Trade for his pioneering scholarship addressing issues of global justice and combating social inequality in education and healthcare. Early life and educ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
