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Revealed Preference
Revealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory arose because existing theories of consumer demand were based on a diminishing marginal rate of substitution (MRS). This diminishing MRS relied on the assumption that consumers make consumption decisions to maximise their utility. While utility maximisation was not a controversial assumption, the underlying utility functions could not be measured with great certainty. Revealed preference theory was a means to reconcile demand theory by defining utility functions by observing behaviour. Therefore, revealed preference is a way to infer preferences between available choices. It contrasts with attempts to directly measure preferences or u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". "In a career that spanned seven decades, he transformed his field, influenced millions of students and turned MIT into an economics powerhouse" Samuelson was one of the most influential economists of the latter half of the 20th century."Paul Samuelson: The last of the great general economists died on December 13th, aged 94" ''The Economist'', December 17, 2009 In 1996, he was awarded the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indifference Curve With Two Utility Maximising Consumption Bundles
Indifference may refer to: * Apathy, a psychological attitude * A concept of beneficial detachment in Ignatian spirituality * ''Indifference'' (album), 1985 album by the Proletariat, or the title song * "Indifference" (''Law & Order''), 1990 episode of the television series ''Law & Order'' * "Indifference" (''The Walking Dead''), 2013 episode of the television series ''The Walking Dead'' * Indifference curve, in microeconomic theory, a graph describing consumer preferences * Principle of indifference, in probability theory, a rule for assigning epistemic probabilities * A song on the band Pearl Jam's second album Vs. *In Catholicism, indifferentism, the belief which holds that no religion is superior to another *''Indifferent'', a promotional single from Megan Moroney's album Am I Okay? See also * * * Difference (other) Difference commonly refers to: * Difference (philosophy), the set of properties by which items are distinguished * Difference (mathematics), the r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foot Voting
Foot voting is expressing one's preferences through one's actions, by voluntarily participating in or withdrawing from an activity, group, or process; especially, physical migration to leave a situation one does not like, or to move to a situation one regards as more beneficial. People who engage in foot voting are said to "vote with their feet". Legal scholar Ilya Somin has described foot voting as "a tool for enhancing political freedom: the ability of the people to choose the political regime under which they wish to live". Communist leader Vladimir Lenin commented, "They voted with their feet," regarding Russian soldiers deserting the army of the Tsar. The concept has also been associated with Charles Tiebout, who pioneered the concept (although he did not use the ''term'' "foot voting") in a 1956 paper, and with Ronald Reagan, who advocated migration between states of the United States as a solution to unsatisfactory local conditions. Law and politics Legal scholar Ilya ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contingent Valuation
Contingent valuation is a survey-based economic technique for the valuation of non- market resources, such as environmental preservation or the impact of externalities like pollution. While these resources do give people utility, certain aspects of them do not have a market price as they are not directly sold – for example, people receive benefit from a beautiful view of a mountain, but it would be tough to value using price-based models. Contingent valuation surveys are one technique which is used to measure these aspects. Contingent valuation is often referred to as a ''stated preference'' model, in contrast to a price-based '' revealed preference'' model. Both models are utility-based. Typically the survey asks how much money people would be willing to pay (or willing to accept) to maintain the existence of (or be compensated for the loss of) an environmental feature, such as biodiversity. History Contingent valuation surveys were first proposed in theory by S.V. Cir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conjoint Analysis
Conjoint analysis is a survey-based statistical technique used in market research that helps determine how people value different attributes (feature, function, benefits) that make up an individual product or service. The objective of conjoint analysis is to determine the influence of a set of attributes on respondent choice or decision making. In a conjoint experiment, a controlled set of potential products or services, broken down by attribute, is shown to survey respondents. By analyzing how respondents choose among the products, the respondents' valuation of the attributes making up the products or services can be determined. These implicit valuations (utilities or part-worths) can be used to create market models that estimate market share, revenue and even profitability of new designs. Conjoint analysis originated in mathematical psychology and was developed by marketing professor Paul E. Green at the Wharton School of the University of Pennsylvania. Other prominent conjoint ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Choice Modelling
Choice modelling attempts to model the decision process of an individual or segment via revealed preferences or stated preferences made in a particular context or contexts. Typically, it attempts to use discrete choices (A over B; B over A, B & C) in order to infer positions of the items (A, B and C) on some relevant latent scale (typically "utility" in economics and various related fields). Indeed many alternative models exist in econometrics, marketing, sociometrics and other fields, including utility maximization, optimization applied to consumer theory, and a plethora of other identification strategies which may be more or less accurate depending on the data, sample, hypothesis and the particular decision being modelled. In addition, choice modelling is regarded as the most suitable method for estimating consumers' willingness to pay for quality improvements in multiple dimensions. Related terms There are a number of terms which are considered to be synonyms with the term ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amartya Sen
Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher. Sen has taught and worked in England and the United States since 1972. In 1998, Sen received the Nobel Memorial Prize in Economic Sciences for his contributions to welfare economics. He has also made major scholarly contributions to social choice theory, Economic justice, economic and social justice, economic theories of famines, decision theory, development economics, public health, and the measures of well-being of countries. Sen is currently the Harvard University Professor, Thomas W. Lamont University Professor, and Professor of Economics and Philosophy at Harvard University. He previously served as Master of Trinity College, Cambridge, Trinity College at the University of Cambridge. In 1999, he received India's highest civilian honour, Bharat Ratna, for his contribution to welfare economics. The German Publishers and Booksellers Association awarded him the 2020 Peace Prize of the German Book ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal first published by the American Economic Association in 1911. The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. The journal is based in Pittsburgh. It is one of the " top five" journals in economics. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers presented at the annual meetings have been published in a separate journal, '' AEA Pap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Washington Post
''The Washington Post'', locally known as ''The'' ''Post'' and, informally, ''WaPo'' or ''WP'', is an American daily newspaper published in Washington, D.C., the national capital. It is the most widely circulated newspaper in the Washington metropolitan area and has a national audience. As of 2023, the ''Post'' had 130,000 print subscribers and 2.5 million digital subscribers, both of which were the List of newspapers in the United States, third-largest among U.S. newspapers after ''The New York Times'' and ''The Wall Street Journal''. The ''Post'' was founded in 1877. In its early years, it went through several owners and struggled both financially and editorially. In 1933, financier Eugene Meyer (financier), Eugene Meyer purchased it out of bankruptcy and revived its health and reputation; this work was continued by his successors Katharine Graham, Katharine and Phil Graham, Meyer's daughter and son-in-law, respectively, who bought out several rival publications. The ''Post ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Upshot
''The Upshot'' is a website published by ''The New York Times'' which spreads articles combining data visualization with conventional journalistic analysis of news. History ''The Upshot'' was first announced in March 2014 and was officially launched on April 22, 2014. Steve Duenes, a graphics director at the ''New York Times'', won a newsroom contest by coming up with the name "The Upshot". The site started with fifteen full-time staff, including founding editor David Leonhardt. Because ''The Upshot'' was launched soon after Nate Silver and ''FiveThirtyEight'' left the ''Times'', it was widely described as a planned replacement for ''FiveThirtyEight'' and Silver. However, Leonhardt stated in an April 2014 interview that ''The Upshot'' was not intended to replace Silver. In 2014, ''The Upshot'' produced two of the twenty most-read stories on the ''Times'' website, and it was responsible for 5% of the paper's web traffic in October of that year. Also in 2014, the site was a finalist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of the longest-running newspapers in the United States, the ''Times'' serves as one of the country's Newspaper of record, newspapers of record. , ''The New York Times'' had 9.13 million total and 8.83 million online subscribers, both by significant margins the List of newspapers in the United States, highest numbers for any newspaper in the United States; the total also included 296,330 print subscribers, making the ''Times'' the second-largest newspaper by print circulation in the United States, following ''The Wall Street Journal'', also based in New York City. ''The New York Times'' is published by the New York Times Company; since 1896, the company has been chaired by the Ochs-Sulzberger family, whose current chairman and the paper's publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
College And University Rankings In The United States
College and university rankings in the United States order the best U.S. colleges and universities based on factors that vary depending on the ranking. Rankings are typically conducted by magazines, newspapers, websites, governments, or academics. In addition to ranking entire institutions, specific programs, departments, and schools can be ranked. Some rankings consider measures of wealth, excellence in research, selective admissions, and alumni success. There is also much debate about rankings' interpretation, accuracy, and usefulness. Academic Influence rankings Academic Influence's rankings of colleges, universities, and disciplinary programs began as a Defense Advanced Research Projects Agency (DARPA) initiative for ranking persons according to their areas of influence. By then associating influential people with their academic affiliations, Academic Influence was able to induce rankings of higher education institutions. In ranking people and institutions by influenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
