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Dispersed Knowledge
Dispersed knowledge in economics is the notion that no single agent has information as to all of the factors which influence prices and production throughout the system. The term has been both expanded upon and popularized by American economist Thomas Sowell. Overview Each agent in a market for assets, goods, or services possesses incomplete knowledge as to most of the factors which affect prices in that market. For example, no agent has full information as to other agents' budgets, preferences, resources or technologies, not to mention their plans for the future and numerous other factors which affect prices in those markets. Market prices are the result of price discovery, in which each agent participating in the market makes use of its current knowledge and plans to decide on the prices and quantities at which it chooses to transact. The resulting prices and quantities of transactions may be said to reflect the current state of knowledge of the agents currently in the mar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Distributed Knowledge
In multi-agent system research, distributed knowledge is all the knowledge that a community of agents possesses and might apply in solving a problem. Distributed knowledge is approximately what "a wise man knows", or what someone who has complete knowledge of what each member of the community knows knows. Distributed knowledge might also be called the aggregate knowledge of a community, as it represents all the knowledge that a community might bring to bear to solve a problem. Other related phrasings include cumulative knowledge, collective knowledge or pooled knowledge. Distributed knowledge is the union of all the knowledge of individuals in a community of agents. Distributed knowledge differs from the concept of Wisdom of the crowd, in that the latter is concerned with opinions, not knowledge. Wisdom of the crowd is the emergent opinion arising from multiple actors. It is not the union of all the knowledge of these actors, it does not necessarily include the contribution of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theories
Economics () is a behavioral science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocatin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian School
The Austrian school is a Heterodox economics, heterodox Schools of economic thought, school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian school originated in 1871 in Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical school of economics, Historical school, in a dispute known as ''Methodenstreit'', or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contribu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Polymath
A polymath or polyhistor is an individual whose knowledge spans many different subjects, known to draw on complex bodies of knowledge to solve specific problems. Polymaths often prefer a specific context in which to explain their knowledge, but some are gifted at explaining abstractly and creatively. Embodying a basic tenet of Renaissance humanism that humans are limitless in their capacity for development, the concept led to the notion that people should embrace all knowledge and develop their capacities as fully as possible. This is expressed in the term Renaissance man, often applied to the Intellectual giftedness, gifted people of that age who sought to develop their abilities in all areas of accomplishment: intellectual, artistic, social, physical, and spiritual. Etymology The word polymath derives from the Ancient Greek, Greek roots ''poly-'', which means "much" or "many," and ''manthanein'', which means "to learn." Plutarch wrote that the Ancient Greek Muses, muse P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data Acquisition
Data acquisition is the process of sampling signals that measure real-world physical conditions and converting the resulting samples into digital numeric values that can be manipulated by a computer. Data acquisition systems, abbreviated by the acronyms ''DAS,'' ''DAQ,'' or ''DAU,'' typically convert analog waveforms into digital values for processing. The components of data acquisition systems include: * Sensors, to convert physical parameters to electrical signals. * Signal conditioning circuitry, to convert sensor signals into a form that can be converted to digital values. * Analog-to-digital converters, to convert conditioned sensor signals to digital values. Data acquisition applications are usually controlled by software programs developed using various general purpose programming languages such as Assembly, BASIC, C, C++, C#, Fortran, Java, LabVIEW, Lisp, Pascal, etc. Stand-alone data acquisition systems are often called data loggers. There are also ope ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transparency (behavior)
As an ethic that spans science, engineering, transparency (market), business, and the humanities, transparency is operating in such a way that it is easy for others to see what actions are performed. Transparency implies openness, communication, and accountability. Transparency is practiced in companies, organizations, administrations, and communities. For example, in a business relation, fees are clarified at the outset by a transparent agent, so there are no surprises later. This is opposed to keeping this information hidden which is "non-transparent". A practical example of transparency is also when a cashier makes changes after a point of sale; they offer a transaction record of the items purchased (e.g., a receipt) as well as counting out the customer's change. In information security, transparency means keeping the arcane, underlying mechanisms hidden so as not to obstruct intended function—an almost opposite sense. It principally refers to security mechanisms that are inte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Sharing
Knowledge sharing is an activity through which knowledge (namely, information, skills, or expertise) is exchanged among people, friends, peers, families, communities (for example, Wikipedia), or within or between organizations. It bridges the individual and organizational knowledge, improving the absorptive and innovation capacity and thus leading to sustained competitive advantage of companies as well as individuals. Knowledge sharing is part of the knowledge management process. Apart from traditional face-to-face knowledge sharing, social media is a good tool because it is convenient, efficient, and widely used. Organizations have recognized that knowledge constitutes a valuable intangible asset for creating and sustaining competitive advantages. However, technology constitutes only one of the many factors that affect the sharing of knowledge in organizations, such as organizational culture, Trust (social sciences), trust, and incentives. The sharing of knowledge constitutes a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Cathedral And The Bazaar
''The Cathedral and the Bazaar: Musings on Linux and Open Source by an Accidental Revolutionary'' (abbreviated ''CatB'') is an essay, and later a book, by Eric S. Raymond on software engineering methods, based on his observations of the Linux kernel development process and his experiences managing an open source project, fetchmail. It examines the struggle between top-down and bottom-up design. The essay was first presented by Raymond at the Linux Kongress on May 27, 1997, in Würzburg, Germany, and was published as the second chapter of the sametitled book in 1999. The illustration on the cover of the book is a 1913 painting by Lyubov Popova titled ''Composition with Figures'' and belongs to the collection of the State Tretyakov Gallery. The book was released under the Open Publication License v2.0 in 1999. Central thesis The software essay contrasts two different free software development models: * The ''cathedral'' model, in which source code is available with each ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Use Of Knowledge In Society
"The Use of Knowledge in Society" is a scholarly article written by Austrian-British academic economist Friedrich Hayek, first published in the September 1945 issue of ''The American Economic Review''. Written (along with ''The Meaning of Competition'') as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium '' Individualism and Economic Order''. The article is considered one of the most important in the field of modern economics. Argument Hayek's article argues against the establishment of a Central Pricing Board (advocated by Lange) by highlighting the dynamic and organic nature of market price-fluctuations, and the benefits of this phenomenon. He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. A decentra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficient-market Hypothesis
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information. Because the EMH is formulated in terms of risk adjustment, it only makes testable predictions when coupled with a particular model of risk. As a result, research in financial economics since at least the 1990s has focused on market anomalies, that is, deviations from specific models of risk. The idea that financial market returns are difficult to predict goes back to Bachelier, Mandelbrot, and Samuelson, but is closely associated with Eugene Fama, in part due to his influential 1970 review of the theoretical and empirical research. The EMH provides the basic logic for modern risk-based theories of asset prices, and frameworks such as consumption-based asset pricing and int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Management Studies
The ''Journal of Management Studies'' is a peer-reviewed academic journal that was established in 1963 and is published by Wiley-Blackwell on behalf of the Society for the Advancement of Management Studies. The journal publishes both conceptual and empirical papers in the field of management. Specific areas of focus include, organizational theory and behaviour, strategic management, human resource management, and cross-cultural comparisons of organizational effectiveness. The current General Editors are Chris Wickert ( VU Amsterdam), Caroline Gatrell ( University of Liverpool Management School), and Daniel Muzio (University of York). Abstracting and indexing The ''Journal of Management Studies'' is abstracted and indexed in the Social Sciences Citation Index, Scopus, ProQuest, EBSCO, Cambridge Scientific Abstracts, Research Papers in Economics, and Emerald Management Reviews. The ''Journal of Management Studies''' ISI Journal Citation Reports 2022 Impact factor is 10.5, with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
