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Regret theory is a model in theoretical economics simultaneously developed in 1982 by Graham Loomes and Robert Sugden, [1] David E. Bell, [2] and Peter C. Fishburn. [3] Regret theory models choice under uncertainty taking into account the effect of anticipated regret. Subsequently, several other authors improved upon it. [4]
In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. [1] [2] [3] The first known use of the term by economists was in 1958, [4] but the concept has been traced back to the Victorian philosopher Henry ...
Economics in One Lesson is an introduction to economics written by Henry Hazlitt and first published in 1946. It is based on Frédéric Bastiat 's essay Ce qu'on voit et ce qu'on ne voit pas (English: "What is Seen and What is Not Seen").
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
As drafted, the memo sought to clarify the strict economic logic by using some rather inflammatory language, not to make any kind of policy recommendation. And I obviously reviewed the memo inadequately before I signed it. It made no attempt and was never intended in any way as a serious policy recommendation.
In cognitive science and behavioral economics, loss aversion refers to a cognitive bias in which the same situation is perceived as worse if it is framed as a loss, rather than a gain. [ 1 ] [ 2 ] It should not be confused with risk aversion , which describes the rational behavior of valuing an uncertain outcome at less than its expected value .
In stochastic game theory, Bayesian regret is the expected difference ("regret") between the utility of a Bayesian strategy and that of the optimal strategy (the one with the highest expected payoff).
Mount Holyoke assigned letter grades A through E, with E indicating lower than 75% performance and designating failure. The A–E system spread to Harvard University by 1890. In 1898, Mount Holyoke adjusted the grading system, adding an F grade for failing (and adjusting the ranges corresponding to the other letters). The practice of letter ...