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William Vickrey
William Spencer Vickrey (21 June 1914 – 11 October 1996) was a Canadian-American professor of economics and Nobel Laureate. Vickrey was awarded the 1996 Nobel Memorial Prize in Economic Sciences with James Mirrlees for their research into the economic theory of incentives under asymmetric information, becoming the only Nobel laureate born in British Columbia. The announcement of his Nobel Prize was made just three days prior to his death. Vickrey died while traveling to a conference of Georgist academics that he helped found and never missed once in 20 years. His Columbia University economics department colleague C. Lowell Harriss accepted the posthumous prize on his behalf. There are only three other cases where a Nobel Prize has been presented posthumously. Early years Vickrey was born in Victoria, British Columbia and attended high school at Phillips Academy in Andover, Massachusetts. After obtaining his B.S. in Mathematics at Yale University in 1935, he went on to compl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victoria, British Columbia
Victoria is the capital city of the Canadian province of British Columbia, on the southern tip of Vancouver Island off Canada's Pacific coast. The city has a population of 91,867, and the Greater Victoria area has a population of 397,237. The city of Victoria is the 7th most densely populated city in Canada with . Victoria is the southernmost major city in Western Canada and is about southwest from British Columbia's largest city of Vancouver on the mainland. The city is about from Seattle by airplane, seaplane, ferry, or the Victoria Clipper passenger-only ferry, and from Port Angeles, Washington, by ferry across the Strait of Juan de Fuca. Named for Queen Victoria, the city is one of the oldest in the Pacific Northwest, with British settlement beginning in 1843. The city has retained a large number of its historic buildings, in particular its two most famous landmarks, the Parliament Buildings (finished in 1897 and home of the Legislative Assembly of British Columbia) an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Equivalence Theorem
Revenue equivalence is a concept in auction theory that states that given certain conditions, any mechanism that results in the same outcomes (i.e. allocates items to the same bidders) also has the same expected revenue. Notation There is a set X of possible outcomes. There are n agents which have different valuations for each outcome. The valuation of agent i (also called its "type") is represented as a function: : v_i : X \longrightarrow R_ which expresses the value it has for each alternative, in monetary terms. The agents have quasilinear utility functions; this means that, if the outcome is x and in addition the agent receives a payment p_i (positive or negative), then the total utility of agent i is: : u_i := v_i(x) + p_i The vector of all value-functions is denoted by v. For every agent i, the vector of all value-functions of the ''other'' agents is denoted by v_. So v \equiv (v_i,v_). A ''mechanism'' is a pair of functions: * An Outcome function, that takes as inpu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andover, Massachusetts
Andover is a town in Essex County, Massachusetts, United States. It was settled in 1642 and incorporated in 1646."Andover" in ''The New Encyclopædia Britannica''. Chicago: Encyclopædia Britannica Inc., 15th ed., 1992, Vol. 1, p. 387. As of the 2020 census, the population was 36,569. It is located north of Boston and south of Lawrence. Part of the town comprises the census-designated place of Andover. It is twinned with its namesake: Andover, Hampshire, England. History Native Americans inhabited what is now northeastern Massachusetts for thousands of years prior to European colonization of the Americas. At the time of European arrival, Massachusett and Naumkeag people inhabited the area south of the Merrimack River and Pennacooks inhabited the area to the north. The Massachusett referred to the area that would later be renamed Andover as ''Cochichawick''. Cochichawick was transferred to English Settlers on May 16th, 1649 by the Sagamore of the Massachusett, Cutshamach ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phillips Academy
("Not for Self") la, Finis Origine Pendet ("The End Depends Upon the Beginning") Youth From Every Quarter Knowledge and Goodness , address = 180 Main Street , city = Andover, Massachusetts, Andover , state = Massachusetts , zipcode = 01810 , country = United States , coordinates = , pushpin_map = Massachusetts#USA , fundingtype = Private school, Private , schooltype = Independent school, Independent, College-preparatory school, College-preparatory, Day school, Day & Boarding school, Boarding , established = 1973 – merged with Abbot Academy , ceeb = 220030 , us_nces_school_id = 00603199 , head = Raynard S. Kington , president = Peter Currie (businessman), Peter L.S. Currie , teaching_staff = 213.6 (2017–18) , grades = N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Georgist
Georgism, also called in modern times Geoism, and known historically as the single tax movement, is an economic ideology holding that, although people should own the value they produce themselves, the economic rent derived from Land (economics), land—including from all natural resources, the commons, and urban locations—should belong equally to all members of society. Developed from the writings of American economist and social reformer Henry George, the Georgist paradigm seeks solutions to Social issue, social and ecological problems, based on principles of land rights and public finance which attempt to integrate economic efficiency with social justice. Georgism is concerned with the distribution of economic rent caused by land ownership, natural monopolies, pollution rights, and control of the commons, including Title (property), title of ownership for natural resources and other contrived Privilege (legal ethics), privileges (e.g. intellectual property). Any natural resou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Columbia
British Columbia (commonly abbreviated as BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, forests, lakes, mountains, inland deserts and grassy plains, and borders the province of Alberta to the east and the Yukon and Northwest Territories to the north. With an estimated population of 5.3million as of 2022, it is Canada's third-most populous province. The capital of British Columbia is Victoria and its largest city is Vancouver. Vancouver is the third-largest metropolitan area in Canada; the 2021 census recorded 2.6million people in Metro Vancouver. The first known human inhabitants of the area settled in British Columbia at least 10,000 years ago. Such groups include the Coast Salish, Tsilhqotʼin, and Haida peoples, among many others. One of the earliest British settlements in the area was Fort Victoria, established ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asymmetric Information
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, moral hazard, and monopolies of knowledge. A common way to visualise information asymmetry is with a scale with one side being the seller and the other the buyer. When the seller has more or better information the transaction will more likely occur in the seller's favour ("the balance of power has shifted to the seller"). An example of this could be when a used car is sold, the seller is likely to have a much better understanding of the car's condition and hence its market value than the buyer, who can only estimate the market value based on the information provided by the seller and their own ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incentives
In general, incentives are anything that persuade a person to alter their behaviour. It is emphasised that incentives matter by the basic law of economists and the laws of behaviour, which state that higher incentives amount to greater levels of effort and therefore, higher levels of performance. Divisions Incentives can be broken down into two categories; intrinsic incentives and extrinsic incentives. The motivation of people's behaviour comes from within. In activities, they are often motivated by the task itself or the internal reward rather than the external reward. There are many internal rewards, for example, participating in activities can satisfy people's sense of achievement and bring them positive emotions. An intrinsic incentive is when a person is motivated to act in a certain way for their own personal satisfaction. This means that when a person is intrinsically incentivised, they perform a certain task to please themselves and are not seeking any external reward, n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Mirrlees
Sir James Alexander Mirrlees (5 July 1936 – 29 August 2018) was a British economist and winner of the 1996 Nobel Memorial Prize in Economic Sciences. He was knighted in the 1997 Birthday Honours. Early life and education Born in Minnigaff, Kirkcudbrightshire, Mirrlees was educated at Douglas Ewart High School, then at the University of Edinburgh ( MA in Mathematics and Natural Philosophy in 1957) and Trinity College, Cambridge (Mathematical Tripos and PhD in 1963 with thesis title ''Optimum Planning for a Dynamic Economy'', supervised by Richard Stone). He was a very active student debater. A contemporary, Quentin Skinner, has suggested that Mirrlees was a member of the Cambridge Apostles along with fellow Nobel Laureate Amartya Sen during the period. Economics Between 1968 and 1976, Mirrlees was a visiting professor at the Massachusetts Institute of Technology three times. He was also a visiting professor at the University of California, Berkeley (1986) and Yale Univer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Laureate
The Nobel Prizes ( sv, Nobelpriset, no, Nobelprisen) are awarded annually by the Royal Swedish Academy of Sciences, the Swedish Academy, the Karolinska Institutet, and the Norwegian Nobel Committee to individuals and organizations who make outstanding contributions in the fields of chemistry, physics, literature, peace, and physiology or medicine. They were established by the 1895 will of Alfred Nobel, which dictates that the awards should be administered by the Nobel Foundation. The Nobel Memorial Prize in Economic Sciences was established in 1968 by the Sveriges Riksbank, the central bank of Sweden, for contributions to the field of economics. Each recipient, a Nobelist or '' laureate'', receives a gold medal, a diploma, and a sum of money which is decided annually by the Nobel Foundation. Prize Each prize is awarded by a separate committee; the Royal Swedish Academy of Sciences awards the Prizes in Physics, Chemistry, and Economics; the Karolinska Institute awards the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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