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Rivalry (economics)
In economics, a good is said to be rivalrous or a rival if its consumption by one consumer prevents simultaneous consumption by other consumers, or if consumption by one party reduces the ability of another party to consume it. A good is considered non-rivalrous or non-rival if, for any level of production, the cost of providing it to a marginal (additional) individual is zero. A good is "anti-rivalrous" and "inclusive" if each person benefits more when other people consume it. A good can be placed along a continuum from rivalrous through non-rivalrous to anti-rivalrous. The distinction between rivalrous and non-rivalrous is sometimes referred to as jointness of supply or subtractable or non-subtractable. Economist Paul Samuelson made the distinction between private and public goods in 1954 by introducing the concept of nonrival consumption. Economist Richard Musgrave followed on and added rivalry and excludability as criteria for defining consumption goods in 1959 and 1969. � ...
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Fish0192 - Flickr - NOAA Photo Library
Fish are aquatic, craniate, gill-bearing animals that lack limbs with digits. Included in this definition are the living hagfish, lampreys, and cartilaginous and bony fish as well as various extinct related groups. Approximately 95% of living fish species are ray-finned fish, belonging to the class Actinopterygii, with around 99% of those being teleosts. The earliest organisms that can be classified as fish were soft-bodied chordates that first appeared during the Cambrian period. Although they lacked a true spine, they possessed notochords which allowed them to be more agile than their invertebrate counterparts. Fish would continue to evolve through the Paleozoic era, diversifying into a wide variety of forms. Many fish of the Paleozoic developed external armor that protected them from predators. The first fish with jaws appeared in the Silurian period, after which many (such as sharks) became formidable marine predators rather than just the prey of arthropods. Most f ...
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Anti-rival Good
“Anti-rival good” is a neologism suggested by Steven Weber. According to his definition, it is the opposite of a rival good. The more people share an anti-rival good, the more utility each person receives. Examples include software and other information goods created through the process of commons-based peer production. An anti-rival good meets the test of a public good because it is non-excludable (freely available to all) and non-rival (consumption by one person does not reduce the amount available for others). However, it has the additional quality of being created by private individuals for common benefit without being motivated by pure altruism, because the individual contributor also receives benefits from the contributions of others. Free open-source software Lawrence Lessig described free and open-source software as anti-rivalrous: "It's not just that code is non-rival; it's that code in particular, and (at least some) knowledge in general, is, as Weber calls i ...
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Free-rider Problem
In the social sciences, the free-rider problem is a type of market failure that occurs when those who benefit from resources, public goods (such as public roads or public library), or services of a communal nature do not pay for them or under-pay. Free riders are a problem because while not paying for the good (either directly through fees or tolls or indirectly through taxes), they may continue to access or consume it. Thus, the good may be under-produced, overused or degraded. Additionally, it has been shown that despite evidence that people tend to be cooperative by nature, the presence of free-riders cause this prosocial behaviour to deteriorate, perpetuating the free-rider problem. The free-rider problem in social science is the question of how to limit free riding and its negative effects in these situations. Such an example is the free-rider problem of when property rights are not clearly defined and imposed. The free-rider problem is common with public goods which are n ...
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Rent-seeking
Rent-seeking is the act of growing one's existing wealth without creating new wealth by manipulating the social or political environment. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, reduced wealth creation, lost government revenue, heightened income inequality, and potential national decline. Attempts at capture of regulatory agencies to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages on their uncorrupt competitors. This is one of many possible forms of rent-seeking behavior. Description The term rent, in the narrow sense of economic rent, was coined by the British 19th-century economist David Ricardo, but rent-seeking only became the subject of durable interest among economists and political scientists more than a century later after the publication of two influential papers on the topic by Gordon Tullock in ...
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Anti-rival Good
“Anti-rival good” is a neologism suggested by Steven Weber. According to his definition, it is the opposite of a rival good. The more people share an anti-rival good, the more utility each person receives. Examples include software and other information goods created through the process of commons-based peer production. An anti-rival good meets the test of a public good because it is non-excludable (freely available to all) and non-rival (consumption by one person does not reduce the amount available for others). However, it has the additional quality of being created by private individuals for common benefit without being motivated by pure altruism, because the individual contributor also receives benefits from the contributions of others. Free open-source software Lawrence Lessig described free and open-source software as anti-rivalrous: "It's not just that code is non-rival; it's that code in particular, and (at least some) knowledge in general, is, as Weber calls i ...
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Metcalfe's Law
Metcalfe's law states that the value of a telecommunications network is proportional to the square of the number of connected users of the system (''n''2). First formulated in this form by George Gilder in 1993, and attributed to Robert Metcalfe in regard to Ethernet, Metcalfe's law was originally presented, c. 1980, not in terms of users, but rather of "compatible communicating devices" (e.g., fax machines, telephones). Only later with the globalization of the Internet did this law carry over to users and networks as its original intent was to describe Ethernet connections. Network effects Metcalfe's law characterizes many of the network effects of communication technologies and networks such as the Internet, social networking and the World Wide Web. Former Chairman of the U.S. Federal Communications Commission Reed Hundt said that this law gives the most understanding to the workings of the Internet. Metcalfe's Law is related to the fact that the number of unique possible co ...
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Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also d ...
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Network Effect
In economics, a network effect (also called network externality or demand-side economies of scale) is the phenomenon by which the value or utility a user derives from a good or service depends on the number of users of compatible products. Network effects are typically positive, resulting in a given user deriving more value from a product as more users join the same network. The adoption of a product by an additional user can be broken into two effects: an increase in the value to all other users ( "total effect") and also the enhancement of other non-users' motivation for using the product ("marginal effect"). Network effects can be direct or indirect. Direct network effects arise when a given user's utility increases with the number of other users of the same product or technology, meaning that adoption of a product by different users is complementary. This effect is separate from effects related to price, such as a benefit to existing users resulting from price decreases as ...
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Climate Change Mitigation
Climate change mitigation is action to limit climate change by reducing emissions of greenhouse gases or removing those gases from the atmosphere. The recent rise in global average temperature is mostly caused by emissions from fossil fuels burning (coal, oil, and natural gas). Mitigation can reduce emissions by transitioning to sustainable energy sources, conserving energy, and increasing efficiency. In addition, can be removed from the atmosphere by enlarging forests, restoring wetlands and using other natural and technical processes, which are grouped together under the term of carbon sequestration. Solar energy and wind power have the highest climate change mitigation potential at lowest cost compared to a range of other options. Variable availability of sunshine and wind is addressed by energy storage and improved electrical grids, including long-distance electricity transmission, demand management and diversification of renewables. As low-carbon power is more ...
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Natural Language
In neuropsychology, linguistics, and philosophy of language, a natural language or ordinary language is any language that has evolved naturally in humans through use and repetition without conscious planning or premeditation. Natural languages can take different forms, such as speech or signing. They are distinguished from constructed and formal languages such as those used to program computers or to study logic. Defining natural language Natural language can be broadly defined as different from * artificial and constructed languages, e.g. computer programming languages * constructed international auxiliary languages * non-human communication systems in nature such as whale and other marine mammal vocalizations or honey bees' waggle dance. All varieties of world languages are natural languages, including those that are associated with linguistic prescriptivism or language regulation. ( Nonstandard dialects can be viewed as a wild type in comparison with stan ...
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Free And Open-source Software
Free and open-source software (FOSS) is a term used to refer to groups of software consisting of both free software and open-source software where anyone is freely licensed to use, copy, study, and change the software in any way, and the source code is openly shared so that people are encouraged to voluntarily improve the design of the software. This is in contrast to proprietary software, where the software is under restrictive copyright licensing and the source code is usually hidden from the users. FOSS maintains the software user's civil liberty rights (see the Four Essential Freedoms, below). Other benefits of using FOSS can include decreased software costs, increased security and stability (especially in regard to malware), protecting privacy, education, and giving users more control over their own hardware. Free and open-source operating systems such as Linux and descendants of BSD are widely utilized today, powering millions of servers, desktops, smartphones (e.g ...
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Steven Weber (professor)
Steven Weber is a professor at the School of Information and the Department of Political Science at the University of California, Berkeley. After studying history and international development at Washington University, he received an M.D. and a Ph.D in political science from Stanford University. He is the author of several books about international politics and economics. He is also the editor of ''Globalization and the European Political Economy'' (Columbia University Press, 2000). Perhaps his most well-known book is ''The Success of Open Source'', on the economy and motivations behind open source and free software. There he proposes the concept of anti-rival goods “Anti-rival good” is a neologism suggested by Steven Weber. According to his definition, it is the opposite of a rival good. The more people share an anti-rival good, the more utility each person receives. Examples include software and other in .... References Books * ''Cooperation and Discord in U.S.—Soviet ...
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