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Arrow–Lind Principle
The Arrow–Lind principle (also Arrow–Lind theorem) states that under certain assumptions, the social cost of the risk moves to zero as the population tends to infinity, so that projects can be evaluated on the basis of expected net benefit alone. Assumptions The theorem has three assumptions: # the government foots all costs initially and only when the benefits are being distributed should it attempt recovery through taxation # the return of the project must be independent of individual income. In case it is not, the risk premium ρ > 0 if they are positively correlated, and ρ < 0 if negatively correlated. # the returns must be spread out over a reasonably large number of individuals Although the returns of public projects are usually very well spread out (highways, schools, hospitals et cetera) it is usually hard to justify the first assumption since the money is almost invariably taken out of the government's revenue stream and hence an individual's income. The theorem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Arrow
Kenneth Joseph Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972. In economics, he was a major figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information. Education and early career Arrow was born on 23 August 1921, in New York City. Arrow's mother, Lilian (Greenberg), was from Iași, Romania, and his father, Harry Arrow, was from nearby Podu Iloaiei. The Arrow family were Romanian Jews. His family was very supportive of his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sveriges Riksbank 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] |
Alfred Nobel
Alfred Bernhard Nobel ( , ; 21 October 1833 – 10 December 1896) was a Swedes, Swedish chemist, engineer, inventor, businessman, and Philanthropy, philanthropist. He is best known for having bequeathed his fortune to establish the Nobel Prize, though he also made several important contributions to science, holding 355 patents in his lifetime. Nobel's most famous invention was dynamite, a safer and easier means of harnessing the explosive power of nitroglycerin; it was patented in 1867. Nobel displayed an early aptitude for science and learning, particularly in chemistry and languages; he became fluent in six languages and filed his first patent at age 24. He embarked on many business ventures Nobel family, with his family, most notably owning Bofors, an iron and steel producer that he developed into a major manufacturer of cannons and other armaments. Nobel was later inspired to donate his fortune to the Nobel Prize institution, which would annually recognize those who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
