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Allocative Efficiency
Allocative efficiency is a state of the economy in which production is aligned with the preferences of consumers and producers; in particular, the set of outputs is chosen so as to maximize the Economic surplus, social welfare of society. This is achieved if every produced good or service has a marginal benefit equal to or greater than the marginal cost of production. Description In economics, allocative efficiency entails production at the point on the production possibilities frontier that is optimal for society. In contract theory, allocative efficiency is achieved in a contract in which the skill demanded by the offering party and the skill of the agreeing party are the same. Resource allocation efficiency includes two aspects: # At the macro aspect, it is the allocation efficiency of social resources, which is achieved through the economic system arrangements of the entire society. # The micro aspect is the efficient use of resources, which can be understood as the produ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Surplus
In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities: * Consumer surplus, or consumers' surplus, is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay. * Producer surplus, or producers' surplus, is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for; this is roughly equal to profit (since producers are not normally willing to sell at a loss and are normally indifferent to selling at a break-even price). The sum of consumer and producer surplus is sometimes known as social surplus or total surplus; a decrease in that total from inefficiencies is called deadweight loss. Overview In the mid-19th century, engineer Jules Dupuit first propounded the concept of e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oligopoly
An oligopoly () is a market in which pricing control lies in the hands of a few sellers. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolistic markets often resort to collusion as means of maximising profits. Nonetheless, in the presence of fierce competition among market participants, oligopolies may develop without collusion. This is a situation similar to perfect competition, where oligopolists have their own market structure. In this situation, each company in the oligopoly has a large share in the industry and plays a pivotal, unique role. Many jurisdictions deem collusion to be illegal as it violates competition laws and is regarded as anti-competition behaviour. The EU com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge University Press
Cambridge University Press was the university press of the University of Cambridge. Granted a letters patent by King Henry VIII in 1534, it was the oldest university press in the world. Cambridge University Press merged with Cambridge Assessment to form Cambridge University Press and Assessment under Queen Elizabeth II's approval in August 2021. With a global sales presence, publishing hubs, and offices in more than 40 countries, it published over 50,000 titles by authors from over 100 countries. Its publications include more than 420 academic journals, monographs, reference works, school and university textbooks, and English language teaching and learning publications. It also published Bibles, runs a bookshop in Cambridge, sells through Amazon, and has a conference venues business in Cambridge at the Pitt Building and the Sir Geoffrey Cass Sports and Social Centre. It also served as the King's Printer. Cambridge University Press, as part of the University of Cambridge, was a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge
Cambridge ( ) is a List of cities in the United Kingdom, city and non-metropolitan district in the county of Cambridgeshire, England. It is the county town of Cambridgeshire and is located on the River Cam, north of London. As of the 2021 United Kingdom census, the population of the City of Cambridge was 145,700; the population of the wider built-up area (which extends outside the city council area) was 181,137. (2021 census) There is archaeological evidence of settlement in the area as early as the Bronze Age, and Cambridge became an important trading centre during the Roman Britain, Roman and Viking eras. The first Town charter#Municipal charters, town charters were granted in the 12th century, although modern city status was not officially conferred until 1951. The city is well known as the home of the University of Cambridge, which was founded in 1209 and consistently ranks among the best universities in the world. The buildings of the university include King's College Chap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robin Sickles
Robin C. Sickles is an American economist. Life and work He has worked extensively in modeling productivity and efficiency and health outcomes and risk factors that impact health. His research provides new methodological approaches to model and measure complicated economic behaviors and outcomes. His work also focuses on the role that econometrics plays in policy issues, such as market regulation, market transition, and deterrence versus preventive measures in the criminal justice system. After graduating from Georgia Institute of Technology in 1972 (B.S., Economics), he earned a Ph.D. in economics in 1976 from the University of North Carolina, Chapel Hill. He is the Reginald Henry Hargrove Chair in Economics Emeritus and Professor Statistics Emeritus at Rice University. He is a Fellow of the Journal of Econometrics and the International Association of Applied Econometrics, has served as the Editor-in-Chief for the Journal of Productivity Analysis, and has held positions as Assoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FT Press
Financial Times Press in the United States and Financial Times Publishing in the United Kingdom are the book publishing imprints related to the ''Financial Times'' newspaper. The book imprints are owned by Pearson plc, a global publishing company which formerly also owned the newspaper. FT Press/Publishing creates books in the areas of General Business, Finance and Investing, Sales and Marketing, Leadership, Management and Strategy, Human Resources, and Global Business. FT Press is also the publishing partner for Wharton School Publishing. When ''Financial Times'' was sold to Nikkei, Inc. in 2015, Pearson retained the book publishing imprints of ''FT'' and licensed the ''FT'' trademark from Nikkei. FTPress.com is one of three websites of the InformIT Network. This site features free articles, blogs, and podcasts on business topics, as well as a bookstore carrying all FT Press and Wharton School Publishing titles in print and electronic formats. FT Press and Wharton School Pub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Upper Saddle River, NJ
Upper Saddle River is a borough in Bergen County, in the U.S. state of New Jersey. As of the 2020 United States census, the borough's population was 8,353, an increase of 145 (+1.8%) from the 2010 census count of 8,208, which in turn reflected an increase of 467 (+6.0%) from the 7,741 counted in the 2000 census. Upper Saddle River had a per capita income of $73,639 and was ranked 20th in New Jersey based on data from the 2006–2010 American Community Survey (ACS) from the United States Census Bureau, more than double the statewide average of $34,858. In the 2013–2017 ACS, Upper Saddle River had a median household income of $176,674 (ranked 8th in the state) and included 42.9% of households earning more than $200,000 annually. History Upper Saddle River was originally settled by the Lenape Native Americans and was colonized in the 18th century principally by Dutch settlers who built mills along the Saddle River. The area was granted borough status in 1894 and remained pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Efficiency
In welfare economics, a Pareto improvement formalizes the idea of an outcome being "better in every possible way". A change is called a Pareto improvement if it leaves at least one person in society better off without leaving anyone else worse off than they were before. A situation is called Pareto efficient or Pareto optimal if all possible Pareto improvements have already been made; in other words, there are no longer any ways left to make one person better off without making some other person worse-off. In social choice theory, the same concept is sometimes called the unanimity principle, which says that if ''everyone'' in a society (strict inequality, non-strictly) prefers A to B, society as a whole also non-strictly prefers A to B. The Pareto frontier, Pareto front consists of all Pareto-efficient situations. In addition to the context of efficiency in ''allocation'', the concept of Pareto efficiency also arises in the context of productive efficiency, ''efficiency in prod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deadweight Loss
In economics, deadweight loss is the loss of societal economic welfare due to production/consumption of a good at a quantity where marginal benefit (to society) does not equal marginal cost (to society). In other words, there are either goods being produced despite the cost of doing so being larger than the benefit, or additional goods are not being produced despite the fact that the benefits of their production would be larger than the costs. The deadweight loss is the net benefit that is missed out on. While losses to one entity often lead to gains for another, deadweight loss represents the loss that is not regained by anyone else. This loss is therefore attributed to both producers and consumers. Deadweight loss can also be a measure of lost economic efficiency when the socially optimal quantity of a good or a service is not produced. Non-optimal production can be caused by monopoly pricing in the case of artificial scarcity, a positive or negative externality, a tax or s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Haven
New Haven is a city of the U.S. state of Connecticut. It is located on New Haven Harbor on the northern shore of Long Island Sound. With a population of 135,081 as determined by the 2020 U.S. census, New Haven is the third largest city in Connecticut after Bridgeport and Stamford, the largest city in the South Central Connecticut Planning Region, and the principal municipality of Greater New Haven metropolitan area, which had a total population of 864,835 in 2020. New Haven was one of the first planned cities in the U.S. A year after its founding by English Puritans in 1638, eight streets were laid out in a four-by-four grid, creating the "Nine Square Plan". The central common block is the New Haven Green, a square at the center of Downtown New Haven. The Green is now a National Historic Landmark, and the "Nine Square Plan" is recognized by the American Planning Association as a National Planning Landmark. New Haven is the home of Yale University, New Haven's big ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yale University Press
Yale University Press is the university press of Yale University. It was founded in 1908 by George Parmly Day and Clarence Day, grandsons of Benjamin Day, and became a department of Yale University in 1961, but it remains financially and operationally autonomous. , Yale University Press publishes approximately 300 new hardcover A hardcover, hard cover, or hardback (also known as hardbound, and sometimes as casebound (At p. 247.)) book is one bookbinding, bound with rigid protective covers (typically of binder's board or heavy paperboard covered with buckram or other clo ... and 150 new paperback books annually and has a backlist of about 5,000 books in print. Its books have won five National Book Awards, two National Book Critics Circle Awards and eight Pulitzer Prizes. The press maintains offices in New Haven, Connecticut and London, England. Yale is the only American university press with a full-scale publishing operation in Europe. It was a co-founder of the dist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
