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Regret aversion is not only a theoretical economics model, but a cognitive bias occurring as a decision has been made to abstain from regretting an alternative decision. To better preface, regret aversion can be seen through fear by either commission or omission; the prospect of committing to a failure or omitting an opportunity that we seek to ...
DeLong joined Berkeley as an associate professor in 1993. [3] From April 1993 to May 1995, he served as Deputy Assistant Secretary for Economic Policy at the Treasury Department in Washington, D.C. [2] As an official in the Treasury Department in the Clinton administration, he worked on the 1993 federal budget, the unsuccessful health care reform effort, and other policies, and on several ...
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 ...
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 .
Executive summaries are important as a communication tool in both academia and business. For example, members of Texas A&M University's Department of Agricultural Economics observe that "An executive summary is an initial interaction between the writers of the report and their target readers: decision makers, potential customers, and/or peers ...
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 ...
The Review of Economic Studies. 4 (1): 53– 71. doi:10.2307/2967660. JSTOR 2967660. Lange, O 1937 On the Economic Theory of Socialism II The Review of Economic Studies V4 N 123-142; Lange, O 1938 On the Economic Theory of Socialism B Lippincott ed. University of Minnesota Press; Lange, O 1940 Letter to FA Hayek, translated by Thadeusz Kowalik
The problem with the arguments against all of these proposals for more pollution in LDCs (intrinsic rights to certain goods, moral reasons, social concerns, lack of adequate markets, etc.) could be turned around and used more or less effectively against every Bank proposal for liberalization.