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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 ...
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 ...
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 ...
Economics in One Lesson is an introduction to economics written by Henry Hazlitt and first published in 1946. It is based on Frédéric Bastiat's essay Ce qu'on voit et ce qu'on ne voit pas (English: "What is Seen and What is Not Seen").
In stochastic game theory, Bayesian regret is the expected difference ("regret") between the utility of a Bayesian strategy and that of the optimal strategy (the one with the highest expected payoff).
A commercial failure is a product or company that does not reach expectations of success.. Most of the items listed below had high expectations, significant financial investments, and/or widespread publicity, but fell far short of success.