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Course Allocation
Course allocation is the problem of allocating seats in university courses among students. Many universities impose an upper bound on the number of students allowed to register to each course, in order to ensure that the teachers can give sufficient attention to each individual student. Since the demand for some courses is higher than the upper bound, a natural question is which students should be allowed to register to each course. Many institutions allow students to register on a first come, first served basis. However, this may lead to unfair outcomes: a student who happens to be near his/her computer when registration starts can manage to register to all the most wanted courses, while a student who comes too late might find that all wanted courses are already full and be able to register only to less-wanted courses. To mitigate this unfairness, many institutions use more sophisticated allocation mechanisms. Draft mechanisms In a draft mechanism (also called round-robin), st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Course (education)
In higher education a course is a unit of teaching that typically lasts one academic term, is led by one or more instructors (teachers or professors), and has a fixed roster of students. A course usually covers an individual subject. Courses generally have a fixed program of sessions every week during the term, called lessons or classes. Students may receive a grade and academic credit after completion of the course."course" in ''Merriam-Webster Online Dictionary''. Retrieved 15 August 2008. Courses can either be compulsory material or "elective". An elective is usually not a required course, but there are a certain number of non-specific electives that are required for certain majors. The entire collection of courses required to complete an |
Yale School Of Management
The Yale School of Management (also known as Yale SOM) is the graduate business school of Yale University, a private research university in New Haven, Connecticut. The school awards the Master of Business Administration (MBA), MBA for Executives (EMBA), Master of Advanced Management (MAM), Master's Degree in Systemic Risk (SR), Master's Degree in Global Business & Society (GBS), Master's Degree in Asset Management (AM), and Ph.D. degrees, as well as joint degrees with nine other graduate programs at Yale University. As of August 2021, 666 students were enrolled in its MBA program, 134 in the EMBA program, 70 in the MAM program, 32 in the Master of Global Business Studies program, 11 in the Master of Systemic Risk program, 56 students in the Master of Asset Management Program, and 59 in the PhD program; 122 students were pursuing joint degrees. The School has 90 full-time faculty members, and the dean is Kerwin Kofi Charles. The school conducts education and research in leadership ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Optimization
Mathematical optimization (alternatively spelled ''optimisation'') or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems of sorts arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries. In the more general approach, an optimization problem consists of maxima and minima, maximizing or minimizing a Function of a real variable, real function by systematically choosing Argument of a function, input values from within an allowed set and computing the Value (mathematics), value of the function. The generalization of optimization theory and techniques to other formulations constitutes a large area of applied mathematics. More generally, opti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stable Matching
In mathematics, economics, and computer science, the stable marriage problem (also stable matching problem or SMP) is the problem of finding a stable matching between two equally sized sets of elements given an ordering of preferences for each element. A matching is a bijection from the elements of one set to the elements of the other set. A matching is ''not'' stable if: In other words, a matching is stable when there does not exist any pair (''A'', ''B'') which both prefer each other to their current partner under the matching. The stable marriage problem has been stated as follows: The existence of two classes that need to be paired with each other (heterosexual men and women in this example) distinguishes this problem from the stable roommates problem. Applications Algorithms for finding solutions to the stable marriage problem have applications in a variety of real-world situations, perhaps the best known of these being in the assignment of graduating medical student ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Random Assignment
Fair random assignment (also called probabilistic one-sided matching) is a kind of a fair division problem. In an ''assignment problem'' (also called '' house-allocation problem'' or ''one-sided matching''), there ''m'' objects and they have to be allocated among ''n'' agents, such that each agent receives at most one object. Examples include the assignment of jobs to workers, rooms to housemates, dormitories to students, time-slots to users of a common machine, and so on. In general, a fair assignment may be impossible to attain. For example, if Alice and Batya both prefer the eastern room to the western room, only one of them will get it and the other will be envious. In the random assignment setting, fairness is attained using a lottery. So in the simple example above, Alice and Batya will toss a fair coin and the winner will get the eastern room. History Random assignment is mentioned already in the Bible: a lottery was used to allocate the lands of Canaan among the Tribes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substitute Good
In microeconomics, two goods are substitutes if the products could be used for the same purpose by the consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes. Definition Economic theory describes two goods as being close substitutes if three conditions hold: # products have the same or similar performance characteristics # products have the same or similar occasion for use and # products are sold in the same geographic area Performance characteristics describe what the pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complementary Good
In economics, a complementary good is a good whose appeal increases with the popularity of its complement. Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. If A is a complement to B, an increase in the price of A will result in a negative movement along the demand curve of A and cause the demand curve for B to shift inward; less of each good will be demanded. Conversely, a decrease in the price of A will result in a positive movement along the demand curve of A and cause the demand curve of B to shift outward; more of each good will be demanded. This is in contrast to a substitute good, whose demand decreases when its substitute's price decreases. When two goods are complements, they experience ''joint demand'' - the demand of one good is linked to the demand for another good. Therefore, if a higher quantity is demanded of one good, a higher quantity will also be demanded of the other, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independent Goods
Independent goods are goods that have a zero cross elasticity of demand. Changes in the price of one good will have no effect on the demand for an independent good. Thus independent goods are neither complements nor substitutes. For example, a person's demand for nails is usually independent of his or her demand for bread, since they are two unrelated types of goods. Note that this concept is subjective and depends on the consumer's personal utility function. A Cobb-Douglas utility function implies that goods are independent. For goods in quantities ''X''1 and ''X''2, prices ''p''1 and ''p''2, income ''m'', and utility function parameter ''a'', the utility function : u(X_1, X_2) = X_1^a X_2^, when optimized subject to the budget constraint that expenditure on the two goods cannot exceed income, gives rise to this demand function for good 1: X_1= am/p_1, which does not depend on ''p''2. See also * Consumer theory * Good (economics and accounting) In economics, goods are i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wharton Business School
The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a private Ivy League research university in Philadelphia. Generally considered to be one of the most prestigious business schools in the world, the Wharton School is the world's oldest collegiate business school, having been established in 1881 through a donation from Joseph Wharton. The Wharton School awards the Bachelor of Science with a school-specific economics major, with concentrations in over 18 disciplines in Wharton's academic departments. The degree is a general business degree focused on core business skills. At the graduate level, the Master of Business Administration (MBA) program can be pursued standalone or offers dual studies leading to a joint degree from other schools (e.g., law, engineering, government). Similarly, in addition to its tracks in accounting, finance, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Approximate Competitive Equilibrium From Equal Incomes
Approximate Competitive Equilibrium from Equal Incomes (A-CEEI) is a procedure for fair item assignment. It was developed by Eric Budish. Background CEEI (Competitive Equilibrium from Equal Incomes) is a fundamental rule for fair division of divisible resources. It divides the resources according to the outcome of the following hypothetical process: * Each agent receives a single unit of fiat money. This is the Equal Incomes part of CEEI. * The agents trade freely until the market attains a Competitive Equilibrium. This is a price-vector and an allocation, such that (a) each allocated bundle is optimal to its agent given his/her income - the agent cannot purchase a better bundle with the same income, and (b) the market clears - the sum of all allocations exactly equals the initial endowment. The equilibrium allocation is provably envy free and Pareto efficient. Moreover, when the agents have linear utility functions, the CEEI allocation can be computed efficiently. Unfortunately ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Equilibrium
Competitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium introduced by Kenneth Arrow and Gérard Debreu in 1951 appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices. Competitive markets are an ideal standard by which other market structures are evaluated. Definitions A competitive equilibrium (CE) consists of two elements: * A price function P. It takes as argument a vector representing a bundle of commodities, and returns a positive real number that represents its price. Usually the price function is linear - it is represented as a vector of prices, a price for each commodity type. * An allocation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tel Aviv University
Tel Aviv University (TAU) ( he, אוּנִיבֶרְסִיטַת תֵּל אָבִיב, ''Universitat Tel Aviv'') is a public research university in Tel Aviv, Israel. With over 30,000 students, it is the largest university in the country. Located in northwest Tel Aviv, the university is the center of teaching and research of the city, comprising 9 faculties, 17 teaching hospitals, 18 performing arts centers, 27 schools, 106 departments, 340 research centers, and 400 laboratories. Tel Aviv University originated in 1956 when three education units merged to form the university. The original 170-acre campus was expanded and now makes up 220 acres (89 hectares) in Tel Aviv's Ramat Aviv neighborhood. History TAU's origins date back to 1956, when three research institutes: the Tel Aviv School of Law and Economics (established in 1935), the Institute of Natural Sciences (established in 1931), and the Academic Institute of Jewish Studies (established in 1954) – joined to form Tel Aviv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
