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Social Discount Rate
Social discount rate (SDR) is the discount rate used in computing the value of funds spent on social projects. Discount rates are used to put a present value on costs and benefits that will occur at a later date. Determining this rate is not always easy and can be the subject of discrepancies in the true net benefit to certain projects, plans and policies. The discount rate is considered as a critical element in cost–benefit analysis when the costs and the benefits differ in their distribution over time, this usually occurs when the project that is being studied is over a long period of time. Use in cost–benefit analysis It may be used in estimating the value of creating a highway system, schools, or enforcing environmental protection, for example. All of these things require a cost–benefit analysis where policy makers measure the social marginal cost and the social marginal benefit for each project. Almost all new policies will not even be considered until after a cost ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discount Function
A discount function is used in economic models to describe the weights placed on rewards received at different points in time. For example, if time is discrete and utility is time-separable, with the discount function f(t) having a negative first derivative and with c_t (or c(t) in continuous time) defined as consumption at time ''t'', total utility from an infinite stream of consumption is given by :U(\_^\infty)=\sum_^\infty . Total utility in the continuous-time case is given by :U(\_^\infty)=\int_^\infty {f(t)u(c(t)) dt} provided that this integral exists. Exponential discounting and hyperbolic discounting are the two most commonly used examples. See also *Discounted utility *Intertemporal choice *Temporal discounting In economics, time preference (or time discounting, delay discounting, temporal discounting, long-term orientation) is the current relative valuation placed on receiving a good or some cash at an earlier date compared with receiving it at a later .. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Environmental Protection
Environmental protection is the practice of protecting the natural environment by individuals, organizations and governments. Its objectives are to conserve natural resources and the existing natural environment and, where possible, to repair damage and reverse trends. Due to the pressures of overconsumption, population growth and technology, the biophysical environment is being degraded, sometimes permanently. This has been recognized, and governments have begun placing restraints on activities that cause environmental degradation. Since the 1960s, environmental movements have created more awareness of the multiple environmental problems. There is disagreement on the extent of the environmental impact of human activity, so protection measures are occasionally debated. Approaches to environmental protection Voluntary environmental agreements In industrial countries, voluntary environmental agreements often provide a platform for companies to be recognized for moving beyond ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Policy
Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions to solve or address relevant and real-world problems, guided by a conception and often implemented by programs. Public policy can be considered to be the sum of government direct and indirect activities and has been conceptualized in a variety of ways. They are created and/or enacted on behalf of the public typically by a government. Sometimes they are made by nonprofit organisations or are made in co-production with communities or citizens, which can include potential experts, scientists, engineers and stakeholders or scientific data, or sometimes use some of their results. They are typically made by policy-makers affiliated with (in democratic polities) currently elected politicians. Therefore, the "policy process is a complex political process in which there are many actors: elected politicians, political party leaders, pressure groups, civil servants ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William D
William is a male given name of Germanic origin.Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxford University Press, 2nd edition, , p. 276. It became very popular in the English language after the Norman conquest of England in 1066,All Things William"Meaning & Origin of the Name"/ref> and remained so throughout the Middle Ages and into the modern era. It is sometimes abbreviated "Wm." Shortened familiar versions in English include Will, Wills, Willy, Willie, Bill, and Billy. A common Irish form is Liam. Scottish diminutives include Wull, Willie or Wullie (as in Oor Wullie or the play ''Douglas''). Female forms are Willa, Willemina, Wilma and Wilhelmina. Etymology William is related to the given name ''Wilhelm'' (cf. Proto-Germanic ᚹᛁᛚᛃᚨᚺᛖᛚᛗᚨᛉ, ''*Wiljahelmaz'' > German ''Wilhelm'' and Old Norse ᚢᛁᛚᛋᛅᚼᛅᛚᛘᛅᛋ, ''Vilhjálmr''). By regular sound changes, the native, inherited English form of the name should b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hal Varian
Hal Ronald Varian (born March 18, 1947 in Wooster, Ohio) is Chief Economist at Google and holds the title of emeritus professor at the University of California, Berkeley where he was founding dean of the School of Information. Varian is an economist specializing in microeconomics and information economics. Early life Hal Varian was born on March 18, 1947 in Wooster, Ohio. He received his B.S. from MIT in economics in 1969 and both his M.A. in mathematics and Ph.D. in economics from the University of California, Berkeley in 1973. Career Varian taught at MIT, Stanford University, the University of Oxford, the University of Michigan, the University of Siena and other universities around the world. He has two honorary doctorates, from the University of Oulu, Finland in 2002, and a Dr. h. c. from the Karlsruhe Institute of Technology (KIT), Germany, awarded in 2006. He is emeritus professor at the University of California, Berkeley, where he was founding dean of the School of Inform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital media, digital subscribers. It also is a producer of popular podcasts such as ''The Daily (podcast), The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones (publisher), George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national "newspaper of record". For print it is ranked List of newspapers by circulation, 18th in the world by circulation and List of newspapers in the United States, 3rd in the U.S. The paper is owned by the New York Times Company, which is Public company, publicly traded. It has been governed by the Sulzberger family since 189 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pascal's Mugging
In philosophy, Pascal's mugging is a thought-experiment demonstrating a problem in expected utility maximization. A rational agent should choose actions whose outcomes, when weighed by their probability, have higher utility. But some very unlikely outcomes may have very great utilities, and these utilities can grow faster than the probability diminishes. Hence the agent should focus more on vastly improbable cases with implausibly high rewards; this leads first to counter-intuitive choices, and then to incoherence as the utility of every choice becomes unbounded. The name refers to Pascal's Wager, but unlike the wager, it does not require infinite rewards. This sidesteps many objections to the Pascal's Wager dilemma that are based on the nature of infinity. Problem statement The term "Pascal's mugging" to refer to this problem was originally coined by Eliezer Yudkowsky in the Less Wrong forum.Eliezer Yudkowsky, Pascal's Mugging: Tiny Probabilities of Vast Utilities. Less Wrong, 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyperbolic Discounting
In economics, hyperbolic discounting is a time-''inconsistent'' model of delay discounting. It is one of the cornerstones of behavioral economics and its brain-basis is actively being studied by neuroeconomics researchers. According to the discounted utility approach, intertemporal choices are no different from other choices, except that some consequences are delayed and hence must be anticipated and discounted (i.e., reweighted to take into account the delay). Given two similar rewards, humans show a preference for one that arrives sooner rather than later. Humans are said to ''discount'' the value of the later reward, by a factor that increases with the length of the delay. In the financial world, this process is normally modeled in the form of exponential discounting, a time-''consistent'' model of discounting. Many psychological studies have since demonstrated deviations in instinctive preference from the constant discount rate assumed in exponential discounting. Hyperbolic d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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