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Robert Hall was the first to derive the effects of rational expectations for consumption. His theory states that if Milton Friedman’s permanent income hypothesis is correct, which in short says current income should be viewed as the sum of permanent income and transitory income and that consumption depends primarily on permanent income, and if consumers have rational expectations, then any ...
In economics and game theory, Bayesian persuasion involves a situation where one participant (the sender) wants to persuade the other (the receiver) of a certain course of action. There is an unknown state of the world, and the sender must commit to a decision of what information to disclose to the receiver.
In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
These days most economics and marketers treat the three classes of goods as a continuum. ... The American Economic Review. 101 (2): ... 10.1257/aer.101.2.526.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Robinson, J. (1953) "The production function and the theory of capital", Review of Economic Studies, vol XXI, 1953, pp. 81–106; Anwar Shaikh, "Laws of Production and Laws of Algebra: The Humbug Production Function", in The Review of Economics and Statistics, Volume 56(1), February 1974, pp. 115–120. Wayback Machine
Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy , but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy .
Experimental economics is the application of experimental methods [1] to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms.