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Antoine Augustin Cournot
Antoine Augustin Cournot (; 28 August 180131 March 1877) was a French philosopher and mathematician who contributed to the development of economics. Biography Antoine Augustin Cournot was born on August 28, 1801 in Gray, Haute-Saône. He entered the preparatory school at Collège de Gray in 1809, where he studied until the age of 15. He later studied at Collège Royal de Besançon. In 1821, he entered one of the most prestigious Grande école, the École normale supérieure. According to Agnar Sandmo: in 1823 he took a license degree in mathematics at Sorbonne University. He then became the private secretary of a field marshal who required assistance in writing his memoirs. This position left Cournot with considerable time for his own pursuits. In the course of his ten years in the field marshal's employment he took two doctoral degrees, one in mechanics and one in astronomy. In addition, he published a number of articles and even acquired a degree in law. Subsequently, Cou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gray, Haute-Saône
Gray () is a commune in the Haute-Saône department, region of Bourgogne-Franche-Comté, eastern France. Geography Gray is situated on the banks of the river Saône. It is the last major town in Haute-Saône before the Saône flows into Côte-d'Or. History In the Middle Ages it was an important river port and trading center in Franche-Comté. Gray is believed to have acquired its name from an old landed estate in its vicinity owned by a family with Gallo-Roman origins bearing the name "Gradus", a cognate of the Celtic "Grady" meaning "illustrious" or "noble". Population Sights The town includes many old buildings. An 18th century stone bridge spans the Saône river, connecting the main town with the settlement of Arc-lès-Gray. Gray is a popular place for fishing and various water activities. Gray's Basilica (Basilique Notre Dame) was built from 1478 to 1559, with a bell tower typical of Franche-Comté. An art museum, the Musée Château Baron Martin, is housed in the C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monopoly
A monopoly (from Greek language, Greek and ) is a market in which one person or company is the only supplier of a particular good or service. A monopoly is characterized by a lack of economic Competition (economics), competition to produce a particular thing, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit. The verb ''monopolise'' or ''monopolize'' refers to the ''process'' by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge Monopoly price, overly high prices, which is associated with unfair price raises. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market). A monopoly may als ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre-Simon De Laplace
Pierre-Simon, Marquis de Laplace (; ; 23 March 1749 – 5 March 1827) was a French polymath, a scholar whose work has been instrumental in the fields of physics, astronomy, mathematics, engineering, statistics, and philosophy. He summarized and extended the work of his predecessors in his five-volume ''Mécanique céleste'' (''Celestial Mechanics'') (1799–1825). This work translated the geometric study of classical mechanics to one based on calculus, opening up a broader range of problems. Laplace also popularized and further confirmed Sir Isaac Newton's work. In statistics, the Bayesian interpretation of probability was developed mainly by Laplace. Laplace formulated Laplace's equation, and pioneered the Laplace transform which appears in many branches of mathematical physics, a field that he took a leading role in forming. The Laplacian differential operator, widely used in mathematics, is also named after him. He restated and developed the nebular hypothesis of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indeterminism
Indeterminism is the idea that events (or certain events, or events of certain types) are not caused, or are not caused deterministically. It is the opposite of determinism and related to chance. It is highly relevant to the philosophical problem of free will, particularly in the form of metaphysical libertarianism. In science, most specifically quantum theory in physics, indeterminism is the belief that no event is certain and the entire outcome of anything is probabilistic. Heisenberg's uncertainty principle and the " Born rule", proposed by Max Born, are often starting points in support of the indeterministic nature of the universe. Indeterminism is also asserted by Sir Arthur Eddington, and Murray Gell-Mann. Indeterminism has been promoted by the French biologist Jacques Monod's essay "'' Chance and Necessity''". The physicist-chemist Ilya Prigogine argued for indeterminism in complex systems. Necessary but insufficient causation Indeterminists do not have to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Determinism
Determinism is the Metaphysics, metaphysical view that all events within the universe (or multiverse) can occur only in one possible way. Deterministic theories throughout the history of philosophy have developed from diverse and sometimes overlapping motives and considerations. Like Eternalism (philosophy of time), eternalism, determinism focuses on particular events rather than the future as a concept. Determinism is often contrasted with free will, although some philosophers claim that the two are compatibilism, compatible. A more extreme antonym of determinism is indeterminism, or the view that events are not deterministically caused but rather occur due to random chance. Historically, debates about determinism have involved many philosophical positions and given rise to multiple varieties or interpretations of determinism. One topic of debate concerns the scope of determined systems. Some philosophers have maintained that the entire universe is a single determinate system ... [...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] |
Reaction Function
In game theory, the best response is the strategy (or strategies) which produces the most favorable outcome for a player, taking other players' strategies as given. The concept of a best response is central to John Nash's best-known contribution, the Nash equilibrium, the point at which each player in a game has selected the best response (or one of the best responses) to the other players' strategies. Correspondence Reaction correspondences, also known as best response correspondences, are used in the proof of the existence of mixed strategy Nash equilibria. Reaction correspondences are not "reaction functions" since functions must only have one value per argument, and many reaction correspondences will be undefined, i.e., a vertical line, for some opponent strategy choice. One constructs a correspondence , for each player from the set of opponent strategy profiles into the set of the player's strategies. So, for any given set of opponent's strategies , represents player ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nash Equilibrium
In game theory, the Nash equilibrium is the most commonly used solution concept for non-cooperative games. A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). The idea of Nash equilibrium dates back to the time of Cournot, who in 1838 applied it to his model of competition in an oligopoly. If each player has chosen a strategy an action plan based on what has happened so far in the game and no one can increase one's own expected payoff by changing one's strategy while the other players keep theirs unchanged, then the current set of strategy choices constitutes a Nash equilibrium. If two players Alice and Bob choose strategies A and B, (A, B) is a Nash equilibrium if Alice has no other strategy available that does better than A at maximizing her payoff in response to Bob choosing B, and Bob has no other strategy available that does better than B at maximizing his payoff in response to Alice c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cournot Duopoly
Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time. It is named after Antoine Augustin Cournot (1801–1877) who was inspired by observing competition in a spring water duopoly. It has the following features: * There is more than one firm and all firms produce a wiktionary:Homogeneous, homogeneous Product (business), product, i.e., there is no product differentiation; * Firms do not cooperate, i.e., there is no collusion; * Firms have market power, i.e., each firm's output decision affects the good's price; * The number of firms is fixed; * Firms compete in quantities rather than prices; and * The firms are economically rational and game theory, act strategically, usually seeking to maximize profit given their competitors' decisions. An essential assumption of this model is the "not conjecture" that each firm aims to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist and one of the most influential economists of his time. His book ''Principles of Economics (Marshall), Principles of Economics'' (1890) was the dominant economic textbook in England for many years, and brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole, popularizing the modern Neoclassical economics, neoclassical approach which dominates microeconomics to this day. As a result, he is known as the father of scientific economics. Life and career Marshall was born at Bermondsey in London, the second son of William Marshall (1812–1901), a clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. Marshall had two brothers and two sisters; a cousin was the economist Ralph George Hawtrey, Ralph Hawtrey. The Marshalls were a West Country clergy, clerical f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price
A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, especially when the product is a service rather than a physical good, the price for the service may be called something else such as "rent" or "tuition". Prices are influenced by production costs, supply of the desired product, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions. Price can be quoted in currency, quantities of goods or vouchers. * In modern economies, prices are generally expressed in units of some form of currency. (More specifically, for raw materials they are expressed as currency per unit weight, e.g. euros per kilogram or Rands per KG.) * Although prices could be quoted as quantities of other goods or services, this sort of barter exchange is rarely seen. Prices are sometimes quoted in terms of vouc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply And Demand
In microeconomics, supply and demand is an economic model of price determination in a Market (economics), market. It postulates that, Ceteris_paribus#Applications, holding all else equal, the unit price for a particular Good (economics), good or other traded item in a perfect competition, perfectly competitive market, will vary until it settles at the market clearing, market-clearing price, where the quantity demanded equals the quantity supplied such that an economic equilibrium is achieved for price and quantity transacted. The concept of supply and demand forms the theoretical basis of modern economics. In situations where a firm has market power, its decision on how much output to bring to market influences the market price, in violation of perfect competition. There, a more complicated model should be used; for example, an oligopoly or product differentiation, differentiated-product model. Likewise, where a buyer has market power, models such as monopsony will be more a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
