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utility

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ability to pay

ability to pay  

The principle that taxes should be levied on the basis of taxpayers' ability to pay. This normally leads to the view that as income or wealth increases, its marginal utility (its value to its owner) ...
act utilitarianism

act utilitarianism  

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Philosophy
Version of utilitarianism associated especially with Bentham, according to which the measure of the value of an act is the amount by which it increases general utility or happiness. An act is to be ...
adjustment costs

adjustment costs  

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The costs of making changes in the economic variables one controls. Any economic agent, whether an individual, a firm, or a government, has preferences which determine what the optimal levels of the ...
Alfred Marshall

Alfred Marshall  

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(1842–1924)British economist, regarded as one of the founders of the neoclassical school in economics.Marshall was born in London and graduated in mathematics from St John's College, Cambridge. He ...
animal economics

animal economics  

The application of economic principles to animal behaviour. The animal is treated as a consumer, as in human microeconomics. It is assumed that the animal is a rational decision-maker, maximizing ...
authority

authority  

Legitimate power, decision-making capacity, and the means to cause others to obey. The word applies both to the abstract quality and to the individual or organization in command.
bargaining theory

bargaining theory  

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The branch of game theory that treats the rational strategies whereby agreements can be reached, for example on the price to be paid for a commodity.
bliss point

bliss point  

The equilibrium point of a consumer's total satisfaction for a good that is consumed within their budget limit.
bounded rationality

bounded rationality  

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The argument that there is a finite limit to the amount of information the human brain can hold and process. Teamwork and computers can vastly increase the amount of information that can be ...
cardinal and ordinal utility

cardinal and ordinal utility  

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Refers to two ways of measuring utility—the term widely used in economics to describe the satisfaction or well-being of individuals. Cardinal utility refers to a meaningful measurement scale for ...
certainty equivalent

certainty equivalent  

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The certain outcome which would confer a utility level equal to the expected utility of entering a gamble. See also risk premium.
Chicago School

Chicago School  

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The collective name for the economists affiliated with the University of Chicago in the 1970s who believed in self-interest as the explanation of all economic actions, the merits of free markets, the ...
choice

choice  

A situation in which the animal can make a simultaneous discrimination amongst alternatives. Normally, an animal will choose the alternative that brings it the greatest short-term gain. Sometimes, ...
commensurable

commensurable  

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Subject:
Philosophy
Values or benefits that can be measured by a common standard (for example in dollars or cubic metres) and objectively compared. Contrast incommensurable.
consequentialism

consequentialism  

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Subject:
Philosophy
(kon-si-kwen-shăl-izm)an ethical approach that stresses the importance of taking account of the objective effects or consequences of one's actions on other people and on the overall situation. ...
cost–utility analysis

cost–utility analysis  

A variation of cost-effectiveness analysis in which the utility of an action or a system is estimated. Utility means the merits, or value, of a specified state of health, such as a health state on ...
decision analysis

decision analysis  

A system of logic that uses elements of game theory and operational research to identify and quantify all available choices and their outcomes at each stage in designing a plan for preventive or ...
decision-making

decision-making  

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The process of acting upon the best information available in order to determine the most appropriate course of action.
Deliberative genre

Deliberative genre  

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Subject:
Linguistics
In the field of rhetorical studies, deliberation is as old as the ancient Greeks and as new as the Internet. Throughout Western history, it has been an abiding act of ...
demand theory

demand theory  

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The main purpose of demand theory in economics is to explain observed consumer choices regarding commodities or commodity bundles. Market parameters—mainly prices and income—determine the level and ...

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