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The Ramsey problem, or Ramsey pricing, or Ramsey–Boiteux pricing, is a second-best policy problem concerning what prices a public monopoly should charge for the various products it sells in order to maximize social welfare (the sum of producer and consumer surplus) while earning enough revenue to cover its fixed costs.
Social discount rate (SDR) is the discount rate used in computing the value of funds spent on social projects. Discount rates are used to put a present value on costs and benefits that will occur at a later date.
The Norman F. Ramsey Prize in Atomic, Molecular and Optical Physics, and in Precision Tests of Fundamental Laws and Symmetries is a prize given by the American Physical Society. [1] It is awarded for outstanding work in the field of atomic, molecular, and optical physics , especially in the precision measurement of physical constants , tests of ...
Pricing strategies and tactics vary from company to company, and also differ across countries, cultures, industries and over time, with the maturing of industries and markets and changes in wider economic conditions. [2] Pricing strategies determine the price companies set for their products. The price can be set to maximize profitability for ...
"Fully Distributed Cost Pricing, Ramsey Pricing, and Shapley Value Pricing: A Simulated Welfare Analysis for the Telephone Exchange" (with D. Gabel), Review of Industrial Organization, 1997. "Innovations in Economic Measurement: Comments", Proceedings of the Joint Statistical Meetings of the American Statistical Association , Section on ...
A third consideration for optimal taxation is sales tax, which is the additional price added to the base price of a paid by the consumer at the point when they purchase a good or service. Poterba in a second article called "Retail Price Reactions To Changes in State and Local Sales Taxes" tests the premise that sales taxes on the state and ...
In 1926, Frank Ramsey introduced Ramsey's Representation Theorem. This representation theorem for expected utility assumes that preferences are defined over a set of bets where each option has a different yield. Ramsey believed that we should always make decisions to receive the best-expected outcome according to our personal preferences.
Cost-plus pricing is the most basic method of pricing. A store will simply charge consumers the cost required to produce a product plus a predetermined amount of profit. Cost-plus pricing is simple to execute, but it only considers internal information when setting the price and does not factor in external influencers like market reactions, the weather, or changes in consumer va