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Repugnancy Costs
Repugnancy costs are costs borne by an individual or entity as a result of a stimulus that goes against that individual or entity's cultural mores. The cost could be emotional, physical, mental or figurative. The stimulus could be anything from food to people to an idea. These costs are perspective-dependent and individual. These costs may be different for different groups of people; countries, states, ethnicities, etc. The term allows for a clear and understandable way of representing the concept of contextual stigma in a literal and applicable sense. Repugnancy costs measure the degree of dislike toward a repugnant market or transaction by appealing to the concept of equalizing differences developed by Adam Smith: What is the minimum compensation that we have to provide to an individual to be willing to allow a repugnant market or transaction? Origin Repugnancy costs were first mentioned in a debate between Alvin Roth and Julio Elias on whether there should be an offi ...
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Cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on thei ...
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Mores
Mores (, sometimes ; , plural form of singular , meaning "manner, custom, usage, or habit") are social norms that are widely observed within a particular society or culture. Mores determine what is considered morally acceptable or unacceptable within any given culture. A folkway is what is created through interaction and that process is what organizes interactions through routine, repetition, habit and consistency. William Graham Sumner (1840–1910), an early U.S. sociologist, introduced both the terms "mores" (1898) and "folkways" (1906) into modern sociology. Mores are strict in the sense that they determine the difference between right and wrong in a given society, people may be punished for their immorality which is common place in many societies in the world, at times with disapproval or ostracizing. The main examples of traditional customs and conventions that are mores may include; lying, cheating, causing harm, alcohol use, drug use, marriage beliefs, gossip, ...
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Alvin E
Alvin may refer to: Places Canada * Alvin, British Columbia United States * Alvin, Colorado * Alvin, Georgia * Alvin, Illinois * Alvin, Michigan * Alvin, Texas *Alvin, Wisconsin, a town * Alvin (community), Wisconsin, an unincorporated community Other uses * Alvin (given name) * Alvin (crater), a crater on Mars * Alvin (digital cultural heritage platform), a Swedish platform for digitised cultural heritage * Alvin (horse), a Canadian Standardbred racehorse * 13677 Alvin, an asteroid * DSV ''Alvin'', a deep-submergence vehicle * Alvin, a fictional planet on ''ALF'' (TV series) * Alvin Seville, of the fictional animated characters Alvin and the Chipmunks * "Alvin", by James from the album '' Girl at the End of the World'' * Tropical Storm Alvin See also * Alvin Community College * Alvin High School Alvin High School is a public high school located in the city of Alvin, Texas, United States and classified as a 6A school by the University Interscholastic League (UIL). It ...
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Michael J
Michael may refer to: People * Michael (given name), a given name * Michael (surname), including a list of people with the surname Michael Given name "Michael" * Michael (archangel), ''first'' of God's archangels in the Jewish, Christian and Islamic religions * Michael (bishop elect), English 13th-century Bishop of Hereford elect * Michael (Khoroshy) (1885–1977), cleric of the Ukrainian Orthodox Church of Canada * Michael Donnellan (1915–1985), Irish-born London fashion designer, often referred to simply as "Michael" * Michael (footballer, born 1982), Brazilian footballer * Michael (footballer, born 1983), Brazilian footballer * Michael (footballer, born 1993), Brazilian footballer * Michael (footballer, born February 1996), Brazilian footballer * Michael (footballer, born March 1996), Brazilian footballer * Michael (footballer, born 1999), Brazilian footballer Rulers =Byzantine emperors= *Michael I Rangabe (d. 844), married the daughter of Emperor Nikephoros I ...
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Farrar, Straus And Giroux
Farrar, Straus and Giroux (FSG) is an American book publishing company, founded in 1946 by Roger Williams Straus Jr. and John C. Farrar. FSG is known for publishing literary books, and its authors have won numerous awards, including Pulitzer Prizes, National Book Awards, and Nobel Prizes. the publisher is a division of Macmillan, whose parent company is the German publishing conglomerate Holtzbrinck Publishing Group. Founding Farrar, Straus, and Company was founded in 1945 by Roger W. Straus Jr. and John C. Farrar. The first book was ''Yank: The G.I. Story of the War'', a compilation of articles that appeared in ''Yank, the Army Weekly'', then ''There Were Two Pirates'', a novel by James Branch Cabell. The first years of existence were rough until they published the diet book ''Look Younger, Live Longer'' by Gayelord Hauser in 1950. The book went on to sell 500,000 copies and Straus said that the book carried them along for a while. In the early years, Straus and his w ...
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The Economist
''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Economist Group, with its core editorial offices in the United States, as well as across major cities in continental Europe, Asia, and the Middle East. In 2019, its average global print circulation was over 909,476; this, combined with its digital presence, runs to over 1.6 million. Across its social media platforms, it reaches an audience of 35 million, as of 2016. The newspaper has a prominent focus on data journalism and interpretive analysis over original reporting, to both criticism and acclaim. Founded in 1843, ''The Economist'' was first circulated by Scottish economist James Wilson to muster support for abolishing the British Corn Laws (1815–1846), a system of import tariffs. Over time, the newspaper's coverage expanded further ...
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Repugnant Market
A repugnant market is an area of commerce that is considered by society to be outside of the range of market transactions and that bringing this area into the realm of a market would be inherently immoral or uncaring. For example, many people consider a market in human organs to be a repugnant market or the ability to bet on terrorist acts in prediction market to be repugnant. Others consider the lack of such markets to be even more immoral and uncaring, as trade bans (e.g. in organ transplants and terrorism information) can create avoidable human suffering. Nobel Laureate Alvin Roth (2007) "introduced in the economics literature the concept of “repugnance” for a transaction as the aversion toward other individuals engaging in it, even if the parties directly involved benefit from that trade (i.e. “There are some things no one should be allowed to do”). Repugnance considerations have important consequences on the types of markets and transactions that we observe and, as su ...
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Equalizing Differences
Wage differential is a term used in labour economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable attributes of a particular job. A compensating differential, which is also called a compensating wage differential or an equalizing difference, is defined as the additional amount of income that a given worker must be offered in order to motivate them to accept a given undesirable job, relative to other jobs that worker could perform. One can also speak of the compensating differential for an especially desirable job, or one that provides special benefits, but in this case the differential would be ''negative'': that is, a given worker would be willing to accept a ''lower'' wage for an especially desirable job, relative to other jobs. The idea of compensating differentials has been used to analyze issues such as the risk of future unemployment, the risk of injury, the risk of unsafe intercourse, the monetary value workers place on thei ...
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Adam Smith
Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——— or "The Father of Capitalism",———— he wrote two classic works, ''The Theory of Moral Sentiments'' (1759) and '' An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is considered his ''magnum opus'' and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God’s will and instead appeals to natural, political, social, economic and technological factors and the interactions between them. Among other economic theories, the work introduced Smith's idea of absolute advantage. Smith studied social philosophy at the University of Glasgo ...
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Gary Becker
Gary Stanley Becker (; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics. Becker was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007. A 2011 survey of economics professors named Becker their favorite living economist over the age of 60, followed by Kenneth Arrow and Robert Solow. Economist Justin Wolfers called him "the most important social scientist in the past 50 years." Becker was one of the first economists to analyze topics that had been researched in sociology, including racial discrimination, crime, family organization, and rational addiction. He argued that many different types of human behavior can be seen as rational and utility-maximizing, including those that ...
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Organ Transplant
Organ transplantation is a medical procedure in which an organ (anatomy), organ is removed from one body and placed in the body of a recipient, to replace a damaged or missing organ. The donor and recipient may be at the same location, or organs may be transported from a Organ donation, donor site to another location. Organ (anatomy), Organs and/or Tissue (biology), tissues that are transplanted within the same person's body are called autografts. Transplants that are recently performed between two subjects of the same species are called allografts. Allografts can either be from a living or cadaveric source. Organs that have been successfully transplanted include the Heart transplantation, heart, Kidney transplantation, kidneys, Liver transplantation, liver, Lung transplantation, lungs, Pancreas transplantation, pancreas, Intestinal transplant, intestine, Thymus transplantation, thymus and uterus transplantation, uterus. Tissues include Bone grafting, bones, tendons (both referr ...
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Prohibitionism
Prohibitionism is a legal philosophy and political theory often used in lobbying which holds that citizens will abstain from actions if the actions are typed as unlawful (i.e. prohibited) and the prohibitions are enforced by law enforcement.C Canty, A Sutton. ''Strategies for community-based drug law enforcement: From prohibition to harm reduction''; in T Stockwell, PJ Gruenewald, JW Toumbourou, WLoxley W, eds. ''Preventing Harmful Substance Use: The Evidence Base for Policy and Practice.'' New York: John Wiley & Sons, Ltd., 2005. pp. 225-236. This philosophy has been the basis for many acts of statutory law throughout history, most notably when a large group of a given population disapproves of and/or feels threatened by an activity in which a smaller group of that population engages, and seeks to render that activity legally prohibited. Examples Acts of prohibition have included prohibitions on types of clothing (and prohibitions on lack of clothing), prohibitions on gambling ...
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