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Kim C. Border
Kim C. Border was an American behavioral economist and professor of economics at the California Institute of Technology. Career Border received a bachelor's degree in economics from Caltech in 1974. Shortly after completing his Ph.D. in economics at the University of Minnesota in 1979, he returned to Caltech as a faculty member, where he remained for over forty years. Border specialized in decision theory and auction design. In 1991, he proved a set of inequalities (now known as Border's theorem) that characterize the possible allocations for a single-item auction, a result that now plays a key role in the computational design of auctions. He also contributed several applications of Arrow's impossibility theorem Arrow's impossibility theorem is a key result in social choice theory showing that no ranked-choice procedure for group decision-making can satisfy the requirements of rational choice. Specifically, Arrow showed no such rule can satisfy the ind ... to economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Nationality
United States nationality law details the conditions in which a person holds United States nationality. In the United States, nationality is typically obtained through provisions in the U.S. Constitution, various laws, and international agreements. Citizenship is established as a right under the Constitution, not as a privilege, for those born in the United States under its jurisdiction and those who have been "naturalized". While the words ''citizen'' and ''national'' are sometimes used interchangeably, ''national'' is a broader legal term, such that a person can be a ''national'' but not a ''citizen'', while ''citizen'' is reserved to ''nationals'' who have the status of citizenship. Individuals born in any of the 50 U.S. states, the District of Columbia or almost any inhabited territory are United States citizens (and nationals) by birthright. The sole exception is American Samoa, where individuals are typically non-citizen U.S. nationals at birth. Additionally, individuals ... [...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] |
California Institute Of Technology
The California Institute of Technology (branded as Caltech) is a private research university in Pasadena, California, United States. The university is responsible for many modern scientific advancements and is among a small group of institutes of technology in the United States that are devoted to the instruction of pure and applied sciences. The institution was founded as a preparatory and vocational school by Amos G. Throop in 1891 and began attracting influential scientists such as George Ellery Hale, Arthur Amos Noyes, and Robert Andrews Millikan in the early 20th century. The vocational and preparatory schools were disbanded and spun off in 1910, and the college assumed its present name in 1920. In 1934, Caltech was elected to the Association of American Universities, and the antecedents of NASA's Jet Propulsion Laboratory, which Caltech continues to manage and operate, were established between 1936 and 1943 under Theodore von Kármán. Caltech has six academic divisi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Minnesota
The University of Minnesota Twin Cities (historically known as University of Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint Paul, Minnesota, United States. It is the Flagship#Colleges and universities in the United States, flagship institution of the University of Minnesota System and is organized into 19 colleges, schools, and other major academic units. The Twin Cities campus is the oldest and largest in the University of Minnesota system and has the List of United States university campuses by enrollment, ninth-largest (as of the 2022–2023 academic year) main campus student body in the United States, with 54,890 students at the start of the 2023–24 academic year. The campus comprises locations in Minneapolis and Falcon Heights, Minnesota, Falcon Heights, a suburb of St. Paul, approximately apart. The Minnesota Territorial Legislature drafted a charter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Border's Theorem
In auction theory and mechanism design, Border's theorem gives a necessary and sufficient condition for interim allocation rules (or reduced form auctions) to be implementable via an auction. It was first proven by Kim Border in 1991, expanding on work from Steven Matthews, Eric Maskin and John Riley. A similar version with different hypotheses was proven by Border in 2007. Preliminaries Auctions Auctions are a mechanism designed to allocate an indivisible good among N bidders with private valuation for the good – that is, when the auctioneer has incomplete information on the bidders' true valuation and each bidder knows only their own valuation. Formally, this uncertainty is represented by a family of probability spaces (T_i, \mathcal T_i, \lambda_i) for each bidder i = 1, ..., N, in which each t_i \in T_i represents a possible type (valuation) for bidder i to have, \mathcal T_i denotes a σ-algebra on T_i, and \lambda_i a prior and common knowledge probability dist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. Behavioral economics began as a distinct field of study in the 1970s and 1980s, but can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavioral economics is still growing as a field, being used increasingly in ... [...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] |
Decision Theory
Decision theory or the theory of rational choice is a branch of probability theory, probability, economics, and analytic philosophy that uses expected utility and probabilities, probability to model how individuals would behave Rationality, rationally under uncertainty. It differs from the Cognitive science, cognitive and Behavioural sciences, behavioral sciences in that it is mainly Prescriptive economics, prescriptive and concerned with identifying optimal decision, optimal decisions for a rational agent, rather than Descriptive economics, describing how people actually make decisions. Despite this, the field is important to the study of real human behavior by Social science, social scientists, as it lays the foundations to Mathematical model, mathematically model and analyze individuals in fields such as sociology, economics, criminology, cognitive science, moral philosophy and political science. History The roots of decision theory lie in probability theory, developed by Blai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction Theory
Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions Incentivisation, incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost. The confluence of the price between the buyer and seller is an economic equilibrium. Auction theorists design rules for auctions to address issues that can lead to market failure. The design of these rulesets encourages optimal bidding strategies in a variety of informational settings. The 2020 Nobel Prize for Economics was awarded to Paul R. Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new Auction#Types, auction formats." Introduction Auctions facilitate transactions by enforcing a specific set of rules regarding the resource allocations of a group of bidders. Theorists consider auctio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mechanism Design
Mechanism design (sometimes implementation theory or institution design) is a branch of economics and game theory. It studies how to construct rules—called Game form, mechanisms or institutions—that produce good outcomes according to Social welfare function, some predefined metric, even when the designer does not know the players' true preferences or what information they have. Mechanism design thus focuses on the study of solution concepts for a class of private-information games. Mechanism design has broad applications, including traditional domains of economics such as market design, but also political science (through voting theory). It is a foundational component in the operation of the internet, being used in networked systems (such as inter-domain routing), e-commerce, and Sponsored search auction, advertisement auctions by Facebook and Google. Because it starts with the end of the game (a particular result), then works backwards to find a game that implements it, it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arrow's Impossibility Theorem
Arrow's impossibility theorem is a key result in social choice theory showing that no ranked-choice procedure for group decision-making can satisfy the requirements of rational choice. Specifically, Arrow showed no such rule can satisfy the independence of irrelevant alternatives axiom. This is the principle that a choice between two alternatives and should not depend on the quality of some third, unrelated option, . The result is often cited in discussions of voting rules, where it shows no ranked voting rule to eliminate the spoiler effect. This result was first shown by the Marquis de Condorcet, whose voting paradox showed the impossibility of logically-consistent majority rule; Arrow's theorem generalizes Condorcet's findings to include non-majoritarian rules like collective leadership or consensus decision-making. While the impossibility theorem shows all ranked voting rules must have spoilers, the frequency of spoilers differs dramatically by rule. Plurality-rule me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1952 Births
Events January–February * January 26 – Cairo Fire, Black Saturday in Kingdom of Egypt, Egypt: Rioters burn Cairo's central business district, targeting British and upper-class Egyptian businesses. * February 6 ** Princess Elizabeth, Duchess of Edinburgh, becomes monarch of the United Kingdom of Great Britain and Northern Ireland and the British Dominions: Canada, Australia, New Zealand, Union of South Africa, South Africa, Dominion of Pakistan, Pakistan and Dominion of Ceylon, Ceylon. The princess, who is on a visit to Kenya when she hears of the death of her father, King George VI, aged 56, takes the regnal name Elizabeth II. ** In the United States, a Artificial heart, mechanical heart is used for the first time in a human patient. *February 7 – New York City announces its first crosswalk devices to be installed. * February 14–February 25, 25 – The 1952 Winter Olympics, Winter Olympics are held in Oslo, Norway. * February 15 – The State Funeral of King Ge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
