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Uncertainty, Evolution, And Economic Theory
"Uncertainty, Evolution, and Economic Theory" is an article published in 1950 which was written by economist Armen Alchian. In this article, Alchian delineates an evolutionary approach to describe firms' behavior. His theory embodies principles of biological evolution and natural selection. This article is among the first in the economics literature to analogize between success and survival in the market with the mechanism of variation and natural selection postulated in evolutionary biology. Alchian postulated that the survival of a few firms from a large number of firms that entered the market may be due to random entrepreneurial decisions rather than by brilliance or cunning. Success and survival rests upon the market's response to the firms' products. Entrepreneurial decision-making cannot be tied to an explicit maximizing objective because the future is not known, and, at best, is a mishmash of probabilistic outcomes. Evolutionary approach to firm survival The evolutionar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Armen Alchian
Armen Albert Alchian (; April 12, 1914February 19, 2013) was an American economist who made major contributions to microeconomic theory and the theory of the firm. He spent almost his entire career at the University of California, Los Angeles (UCLA), and is credited with turning its economics department into one of the country's best. He is also known as one of the founders of new institutional economics, and widely acknowledged for his work on property rights. Early life and education Armen Albert Alchian was born on April 12, 1914, in Fresno, California, to Armenian-American parents. His father, Alexander H. Alchian (1884–1979), was born in Erzurum, Ottoman Empire and emigrated to the U.S. in 1901, while his mother Lily Normart (1889–1976) was born to Armenian immigrant parents in Fresno. Her parents were among the first Armenians to settle in the San Joaquin Valley and she was the first Armenian born in Fresno. His parents married in 1909, and Armen had a younger brother, R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Selection
Natural selection is the differential survival and reproduction of individuals due to differences in phenotype. It is a key mechanism of evolution, the change in the Heredity, heritable traits characteristic of a population over generations. Charles Darwin popularised the term "natural selection", contrasting it with selective breeding, artificial selection, which is intentional, whereas natural selection is not. Genetic diversity, Variation of traits, both Genotype, genotypic and phenotypic, exists within all populations of organisms. However, some traits are more likely to facilitate survival and reproductive success. Thus, these traits are passed the next generation. These traits can also become more Allele frequency, common within a population if the environment that favours these traits remains fixed. If new traits become more favoured due to changes in a specific Ecological niche, niche, microevolution occurs. If new traits become more favoured due to changes in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit Maximization
In economics, profit maximization is the short run or long run process by which a firm may determine the price, input and output levels that will lead to the highest possible total profit (or just profit in short). In neoclassical economics, which is currently the mainstream approach to microeconomics, the firm is assumed to be a " rational agent" (whether operating in a perfectly competitive market or otherwise) which wants to maximize its total profit, which is the difference between its total revenue and its total cost. Measuring the total cost and total revenue is often impractical, as the firms do not have the necessary reliable information to determine costs at all levels of production. Instead, they take more practical approach by examining how small changes in production influence revenues and costs. When a firm produces an extra unit of product, the additional revenue gained from selling it is called the marginal revenue (\text), and the additional cost to produce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. * In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill. * In a descriptive context, the term refers to an ''apparent'' objective function; such a function is revealed by a person's behavior, and specifically by their preferences over lotteries, which can be any quantified choice. The relationship between these two kinds of utility functions has been a source of controversy among both economists and ethicists, with most maintaining that the two are distinct but generally related. Utility function Consider a set of alternatives among which a person has a preference ordering. A utility fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stanford University
Leland Stanford Junior University, commonly referred to as Stanford University, is a Private university, private research university in Stanford, California, United States. It was founded in 1885 by railroad magnate Leland Stanford (the eighth List of governors of California, governor of and then-incumbent List of United States senators from California, United States senator representing California) and his wife, Jane Stanford, Jane, in memory of their only child, Leland Stanford Jr., Leland Jr. The university admitted its first students in 1891, opening as a Mixed-sex education, coeducational and non-denominational institution. It struggled financially after Leland died in 1893 and again after much of the campus was damaged by the 1906 San Francisco earthquake. Following World War II, university Provost (education), provost Frederick Terman inspired an entrepreneurship, entrepreneurial culture to build a self-sufficient local industry (later Silicon Valley). In 1951, Stanfor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ronald Fisher
Sir Ronald Aylmer Fisher (17 February 1890 – 29 July 1962) was a British polymath who was active as a mathematician, statistician, biologist, geneticist, and academic. For his work in statistics, he has been described as "a genius who almost single-handedly created the foundations for modern statistical science" and "the single most important figure in 20th century statistics". In genetics, Fisher was the one to most comprehensively combine the ideas of Gregor Mendel and Charles Darwin, as his work used mathematics to combine Mendelian genetics and natural selection; this contributed to the revival of Darwinism in the early 20th-century revision of the theory of evolution known as the Modern synthesis (20th century), modern synthesis. For his contributions to biology, Richard Dawkins declared Fisher to be the greatest of Darwin's successors. He is also considered one of the founding fathers of Neo-Darwinism. According to statistician Jeffrey T. Leek, Fisher is the most in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neo-Darwinism
Neo-Darwinism is generally used to describe any integration of Charles Darwin's theory of evolution by natural selection with Gregor Mendel's theory of genetics. It mostly refers to evolutionary theory from either 1895 (for the combinations of Darwin's and August Weismann's theories of evolution) or 1942 (" modern synthesis"), but it can mean any new Darwinian- and Mendelian-based theory, such as the current evolutionary theory. Original use Darwin's theory of evolution by natural selection, as published in 1859, provided a selection mechanism for evolution, but not a trait transfer mechanism. Lamarckism was still a very popular candidate for this. August Weismann and Alfred Russel Wallace rejected the Lamarckian idea of inheritance of acquired characteristics that Darwin had accepted and later expanded upon in his writings on heredity. The basis for the complete rejection of Lamarckism was Weismann's germ plasm theory. Weismann realised that the cells that produce the germ pl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rand Corporation
The RAND Corporation, doing business as RAND, is an American nonprofit global policy think tank, research institute, and public sector consulting firm. RAND engages in research and development (R&D) in several fields and industries. Since the 1950s, RAND research has helped inform United States policy decisions on a wide variety of issues, including the Cold War space race, the U.S. involvement in the Vietnam War, the U.S.–Soviet nuclear arms confrontation, the creation of the Great Society social welfare programs, and national health care. RAND originated as "Project RAND" (from the phrase "research and development") in the post-war period immediately after World War II. The U.S. Army Air Forces established Project RAND with the objective of investigating long-range planning of future weapons. Douglas Aircraft Company was granted a contract to research intercontinental warfare. Project RAND later evolved into RAND, and expanded its research into civilian fields suc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Analysis
Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. It states that the reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost. The neoclassical tradition that emerged from British marginalism abandoned the concept of utility and gave marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economic theory. Main concepts Marginality For issues of marginality, constraints are conceptualized as a ''border'' or ''margin''. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur S
Arthur is a masculine given name of uncertain etymology. Its popularity derives from it being the name of the legendary hero King Arthur. A common spelling variant used in many Slavic, Romance, and Germanic languages is Artur. In Spanish and Italian it is Arturo. Etymology The earliest attestation of the name Arthur is in the early 9th century Welsh-Latin text ''Historia Brittonum'', where it refers to a circa 5th century Romano-British general who fought against the invading Anglo-Saxons, Saxons, and who later gave rise to the famous King Arthur of medieval legend and literature. A possible earlier mention of the same man is to be found in the epic Welsh poem ''Y Gododdin'' by Aneirin, which some scholars assign to the late 6th century, though this is still a matter of debate and the poem only survives in a late 13th century manuscript entitled the Book of Aneirin. A 9th-century Breton people, Breton landowner named Arthur witnessed several charters collected in the ''Redon_Abbey ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harold Demsetz
Harold Demsetz (; May 31, 1930 – January 4, 2019) was an American professor of economics at the University of California at Los Angeles (UCLA). Career Demsetz grew up on the West Side of Chicago, the grandchild of Jewish immigrants from central and eastern Europe. He studied engineering, forestry, and philosophy at four universities before being awarded a B.A. (1953) in economics from the University of Illinois, and an MBA (1954) and a Ph.D. (1959) from Northwestern University. While a graduate student, he published an article each in ''Econometrica'' and the '' Journal of Political Economy''. Demsetz taught at the University of Michigan (1958–60), UCLA, 1960–63, and the Graduate School of Business at the University of Chicago, 1963–71. In 1971, he returned permanently to UCLA's Economics Department, which he chaired 1978–80. He held the Arthur Andersen UCLA Alumni Chair in Business Economics, 1986–95. He has been affiliated with the Center for Naval Analyses and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sidney G
Sidney may refer to: People * Sidney (surname), English surname * Sidney (given name), including a list of people with the given name * Sídney (footballer, born 1963) (Sídney José Tobias), Brazilian football forward * Sidney (footballer, born 1972) (Sidney da Silva Souza), Brazilian football defensive midfielder * Sidney (footballer, born 1979) (Sidney Santos de Brito), Brazilian football defender Fictional characters * Sidney Prescott, main character from the ''Scream'' horror trilogy * Sidney (''Ice Age''), a ground sloth in the ''Ice Age'' film series * Sidney, one of ''The Bash Street Kids'' * Sid Jenkins (Sidney Jenkins), a character in the British teen drama ''Skins'' * Sidney Hever, Edward's fireman from ''The Railway Series'' and the TV series ''Thomas and Friends''; see List of books in ''The Railway Series'' * Sidney, a diesel engine from the TV series; see List of ''Thomas & Friends'' characters * Sidney Freedman, a recurring character in the TV series '' M*A* ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
