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The Ramsey problem, or Ramsey pricing, or Ramsey–Boiteux pricing, is a second-best policy problem concerning what prices a public monopoly should charge for the various products it sells in order to maximize social welfare (the sum of producer and consumer surplus) while earning enough revenue to cover its fixed costs.
The test was developed by James B. Ramsey as part of his Ph.D. thesis at the University of Wisconsin–Madison in 1968, and later published in the Journal of the Royal Statistical Society in 1969. [ 1 ] [ 2 ]
The problem is closely linked to the problem of socially optimal monopolistic pricing when profits are constrained to be positive, known as the Ramsey problem. He was the first to make a significant contribution to the theory of optimal taxation from an economic standpoint, and much of the literature that has followed reflects Ramsey's initial ...
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. . Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the ...
Frank Ramsey's social discount rate is calculated as follows: r = d + n g {\displaystyle r=d+ng} , where d {\displaystyle d} is time preference, n {\displaystyle n} is the elasticity of marginal utility of consumption and g {\displaystyle g} is the growth rate .
The post on Ramsey Solutions specifically highlights pension plans as guaranteed retirement money. According to the article, 41% of private sector employees were covered by pensions in 1960.
Dave Ramsey, the host of the highly popular The Ramsey Show, recently published a clip on YouTube called "Pet Insurance Is Not The Problem Here." In it, a veterinary technician who is married with...
In 1930, in a paper entitled 'On a Problem of Formal Logic,' Frank P. Ramsey proved a very general theorem (now known as Ramsey's theorem) of which this theorem is a simple case. This theorem of Ramsey forms the foundation of the area known as Ramsey theory in combinatorics .