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Monetary incentives are any form of financial good given to someone to incentivize their actions and align their incentives with those of the principal who provides the monetary incentive. [14] This is a type of extrinsic incentive and is commonly seen in the workplace.
An economic development incentive is known as "cash or near-cash assistance provided on a discretionary basis to attract or retain business operations." [1] These benefits principally encompass tax and economic incentives provided by federal, state, or local governmental bodies.
A US government sponsored program under the Reagan administration called Project Socrates, was initiated to, 1) determine why US competition was declining, 2) create a solution to restore US competition. The Socrates Team headed by Michael Sekora, a physicist, built an all-source intelligence system to research all competition of mankind from ...
Economic theories often assume that economic incentives can shape behavior even when individual agents have limited understanding of the environment. The relationship between economic incentives and outcomes may be indirect: The economic incentives determine the agents’ experience, and these experiences may then drive future actions.
This is not necessarily harmful when free competition exists, but when groups can collude to eliminate competition, it leads to a situation where a group benefits at the expense of everyone else. The chapter concludes by noting that the same principle applies to changes in demand, which can also lead to winners and losers. [3]
Because of the difference in the political systems in the U.S. and China, officials in each country pursue their objectives in different ways.
A significant but often overlooked form of market intervention is the way that social and institutional norms, conventions, or rules can impact the function of markets. Different methods of "tâtonnement" (finding equilibrium) lead to different outcomes as these methods carry different rigidity , search , and menu costs .
Former Littler Analytics leader Zev Eigen likens common law firm innovation structure to "a horse-and-buggy company" trying to design cars.