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Kinked Demand
The Kinked-Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices. Theory "Kinked" demand curves and traditional demand curves are similar in that they are both downward-sloping. They are distinguished by a hypothesized concave bend with a discontinuity at the bend - the "kink." Therefore, the first derivative point is undefined and leads to a jump discontinuity in the marginal revenue curve. Classical economic theory assumes that a profit-maximizing producer with some market power (either due to oligopoly or monopolistic competition) will set marginal costs equal to marginal revenue. This idea can be envisioned graphically by the intersection of an upward-sloping marginal cost curve and a downward-sloping marginal revenue curve . In classical theory, any change in the marginal cost structure or the marginal revenue structure will be immediately reflected in a new price and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oxford University
The University of Oxford is a collegiate research university in Oxford, England. There is evidence of teaching as early as 1096, making it the oldest university in the English-speaking world and the second-oldest continuously operating university globally. It expanded rapidly from 1167, when Henry II prohibited English students from attending the University of Paris. When disputes erupted between students and the Oxford townspeople, some Oxford academics fled northeast to Cambridge, where they established the University of Cambridge in 1209. The two English ancient universities share many common features and are jointly referred to as ''Oxbridge''. The University of Oxford comprises 43 constituent colleges, consisting of 36 semi-autonomous colleges, four permanent private halls and three societies (colleges that are departments of the university, without their own royal charter). and a range of academic departments that are organised into four divisions. Each college ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean Tirole
Jean Tirole (born 9 August 1953) is a French economist who is currently a professor of economics at Toulouse 1 Capitole University. He focuses on industrial organization, game theory, banking and finance, and psychology. In particular, he focuses on the regulation of economic activity in a way that does not hinder innovation while maintaining fair rules. Tirole's work is largely theoretical and explored in mathematical models, not empirical research. In 2014, he received the Nobel Memorial Prize in Economic Sciences for his analysis of market power and regulation. Education Tirole received engineering degrees from the École Polytechnique in 1976, and from the École nationale des ponts et chaussées in 1978. He was appointed a member of the elite Corps of Bridges, Waters and Forests, later completing graduate studies at Université Paris Dauphine; he received a DEA degree in 1976, and a Doctorat de troisième cycle in decision mathematics in 1978. He received a Ph.D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eric Maskin
Eric Stark Maskin (born December 12, 1950) is an American economist and mathematician. He was jointly awarded the 2007 Nobel Memorial Prize in Economic Sciences with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". He is the Adams University Professor and Professor of Economics and Mathematics at Harvard University. Until 2011, he was the Albert O. Hirschman Professor of Social Science at the Institute for Advanced Study, and a visiting lecturer with the rank of professor at Princeton University.Economics professor wins Nobel – The Daily Princetonian Early life and education Maskin was born in |
Game Theory
Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly balanced by the losses and gains of the other participant. In the 1950s, it was extended to the study of non zero-sum games, and was eventually applied to a wide range of Human behavior, behavioral relations. It is now an umbrella term for the science of rational Decision-making, decision making in humans, animals, and computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago School Of Economics
The Chicago school of economics is a Neoclassical economics, neoclassical Schools of economic thought, school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The Saltwater and freshwater economics, freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Chicago
The University of Chicago (UChicago, Chicago, or UChi) is a Private university, private research university in Chicago, Illinois, United States. Its main campus is in the Hyde Park, Chicago, Hyde Park neighborhood on Chicago's South Side, Chicago, South Side, near the shore of Lake Michigan about from Chicago Loop, the Loop. The university is composed of an College of the University of Chicago, undergraduate college and four graduate divisions: Biological Science, Arts & Humanities, Physical Science, and Social Science, which include various organized departments and institutes. In addition, the university operates eight professional schools in the fields of University of Chicago Booth School of Business, business, Crown Family School of Social Work, Policy, and Practice, social work, University of Chicago Divinity School, divinity, Graham School of Continuing Liberal and Professional Studies, continuing studies, Harris School of Public Policy, public policy, University of Chi ... [...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] |
George Stigler
George Joseph Stigler (; January 17, 1911 – December 1, 1991) was an American economist. He was the 1982 laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics. Early life and education Stigler was born in Seattle, Washington, the son of Hungarian Elsie Elizabeth (Erzsébet Hungler, born in Bakonypéterd, Veszprém county, Kingdom of Hungary) and Bavarian Joseph Stigler. He was of German and Hungarian descent and spoke German in his childhood. He graduated from the University of Washington in 1931 with a B.A. and then spent a year at Northwestern University, from which he obtained his MBA in 1932. It was during his studies at Northwestern that Stigler developed an interest in economics and decided on an academic career. After he received a tuition scholarship from the University of Chicago, Stigler enrolled there in 1933 to study economics and went on to earn his PhD in economics in 1938. Career Stigler t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Cost
In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output. Marginal cost is different from average cost, which is the total cost divided by the number of units produced. At each level of production and time period being considered, marginal cost includes all costs that vary with the level of production, whereas costs that do not vary with production are fixed. For example, the marginal cost of producing an automobile will include the costs of labor and parts needed for the additional automobile but not t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles J
Charles is a masculine given name predominantly found in English and French speaking countries. It is from the French form ''Charles'' of the Proto-Germanic name (in runic alphabet) or ''*karilaz'' (in Latin alphabet), whose meaning was "free man". The Old English descendant of this word was '' Ċearl'' or ''Ċeorl'', as the name of King Cearl of Mercia, that disappeared after the Norman conquest of England. The name was notably borne by Charlemagne (Charles the Great), and was at the time Latinized as ''Karolus'' (as in ''Vita Karoli Magni''), later also as '' Carolus''. Etymology The name's etymology is a Common Germanic noun ''*karilaz'' meaning "free man", which survives in English as churl (James (wikt:Appendix:Proto-Indo-European/ǵerh₂-">ĝer-, where the ĝ is a palatal consonant, meaning "to rub; to be old; grain." An old man has been worn away and is now grey with age. In some Slavic languages, the name ''Drago (given name), Drago'' (and variants: ''Dragom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
