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This page compares the properties of several typical utility functions of divisible goods. These functions are commonly used as examples in consumer theory . The functions are ordinal utility functions, which means that their properties are invariant under positive monotone transformation .
A moneyless economy or nonmonetary economy is a system for allocation of goods and services without payment of money. The simplest example is the family household.Other examples include barter economies, gift economies and primitive communism.
An allocation is called proportional up to the best c items (PROPc) if for every agent i, there exists a subset of at most c items that, if given to i, brings the total value of i to at least 1/n of the total. Formally, for all i (where M is the set of all goods): [6]
Gender-based price discrimination is the practice of offering identical or similar services and products to men and women at different prices when the cost of producing the products and services is the same. [52] In the United States, gender-based price discrimination has been a source of debate. [53]
As used in biology, the indifference curve is a model for how animals 'decide' whether to perform a particular behavior, based on changes in two variables which can increase in intensity, one along the x-axis and the other along the y-axis. For example, the x-axis may measure the quantity of food available while the y-axis measures the risk ...
It consists of choosing how much of each available good or service to consume, taking into account a constraint on total spending (income), the prices of the goods and their preferences. Utility maximization is an important concept in consumer theory as it shows how consumers decide to allocate their income.
Fair item allocation is a kind of the fair division problem in which the items to divide are discrete rather than continuous. The items have to be divided among several partners who potentially value them differently, and each item has to be given as a whole to a single person. [1] This situation arises in various real-life scenarios:
The dimensions of the box are the total quantities Ω x and Ω y of the two goods. Let the consumers be Octavio and Abby. The top right-hand corner of the box represents the allocation in which Octavio holds all the goods, while the bottom left corresponds to complete ownership by Abby.